Boymelgreens launch sales of boutique Miami Beach condos on Pine Tree Drive
Prices range from $700K to $4M
The Boymelgreens launched sales of a boutique condo building they plan to build in Mid-Miami Beach, north of 41st Street, The Real Deal has learned.
The developer began sales for 42 Pine, a 50-unit project planned for the 0.8-acre non-waterfront property at 340 West 42nd Street, said Douglas Elliman agent Mushka Jacobson. Jacobson is leading sales of the building.
Arquitectonica is designing the eight-story building at 340 West 42nd Street, according to a press release. Units will have one to three bedrooms, with 700 square feet to 2,700 square feet for combined units. Prices will range from $700,000 to $4 million for penthouses, of which there are eight, Jacobson said.
“We launched to friends and family two weeks ago, and it’s been selling. People are hounding us,” Jacobson said. Buyers are coming from the neighborhood, as well as out of state from New York, she added.
JP Roosevelt, an entity led by Sarah, Menachem and Levi Boymelgreen, owns the property. It borders Pine Tree Drive to the east and Meridian Avenue to the west. Records show a then-Boymelgreen-led entity transferred ownership of the development site to JP Roosevelt for $31 million in 2017. That sale was to buy out partners, according to a spokesperson for the project.
The same entity also owns an adjacent office building fronting 41st Street, which will remain.
Sarah Boymelgreen is married to Shaya Boymelgreen, an Israeli-born New York developer who has been expanding his portfolio in South Florida. In the early 2000s, he partnered with diamond billionaire Lev Leviev, although the partnership was later dissolved. More recently in 2016, the New York Attorney General imposed a two-year ban on Boymelgreen in the offer and sale of securities, including condos.
The Miami Beach project, 42 Pine, likely marks the only new condo development planned for the Nautilus neighborhood of Miami Beach, Jacobson said.
“It will really be the first, and we anticipate probably the last, which I think makes it such an exciting project,” she said. “There’s no luxury product if you can’t buy a house that gives you walkability, gives you the neighborhood.”
Many buyers have been outpriced of single-family home sales in Nautilus and throughout Miami Beach, as sales soared during the pandemic, reducing inventory and pushing prices up.
Amenities at 42 Pine will include a fitness center, club and game room, media lounge, children’s playroom, a pool, spa, cabanas and a yoga and meditation lawn, according to the release. Units will include kosher-friendly gourmet kitchens with Wolf and Subzero appliances, hardwood floors, marble countertops and glass-enclosed terraces.
Demolition of the parking lot site is underway, and construction will begin this month, Jacobson said. It’s expected to be completed by the fourth quarter of next year.
Elsewhere in South Florida, Boymelgreen recently secured a $30 million construction loan for a hotel in Surfside. Boymelgreen had planned to build a luxury residential complex with 68 townhouses, and scored a $23.5 million loan for that project in 2018, but is now building a hotel.