UPDATED, Aug. 19, 11:45 a.m.: A New York condo and multifamily builder picked up another potential development site in Miami’s Edgewater neighborhood.
An entity managed by SB Development principal Joseph Stern paid $12 million for all 13 units at the Belmar Condominium at 419 Northeast 19th Street, records show. The bulk purchase breaks down to $923,076 per condo. The buyer obtained a $14 million loan from Aventura-based Rok Lending to finance the purchase.
SB and it’s partner, New York-based Hazelton Capital Group, plan to redevelop the Belmar property, Hazelton principal Adam Westreich said after publication. Westreich declined comment about what specifically the joint venture intends to build.
Some of the sellers who purchased units between the 1970s and 1990s made a hefty gain on their investments. For instance, Francesca, Monica and David Vila paid $36,000 for a two-bedroom unit in 1973, when Belmar was completed, records show. Belmar condo board members Leopoldo Colon and Kenneth Merker paid $40,000 in 1993 and $41,000 in 1994, respectively, for their units. The condo association was terminated after Stern’s entity closed the bulk deal, records show.
Wedged in front of the Cité on the Bay Condominium, the five-story Belmar would be the next redevelopment project in Edgewater for SB and Hazelton. Stern did not respond to an email requesting comment. No plans have been filed with the city of Miami.
Last year, SB and Hazelton bought a five-bedroom house at 480 Northeast 29th Street and two adjacent vacant lots for $12.2 million. The partnership plans a boutique condo tower with a bayfront, ground-floor restaurant on the site, which is zoned for up to 38 stories.
Founded in 2010, SB has more than half-a-million square feet under construction and in predevelopment, ranging from townhomes to high-rise towers, according to the company’s website. In 2019, SB and Hazelton paid $15.2 million for a development site in Long Island City where the partnership recently completed The Rise, an 11-story mixed-use building. SB also co-developed the Dime, a mixed-use apartment rental and retail building in Williamsburg.
Correction: A previous version of this story did not mention Hazelton Capital Group is a joint venture partner and misstated the project on a Long Island City development site.