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Russell Galbut, partners tap Cervera to sell North Beach condos
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Galbut family, Lefferts and Navarros’ proposed North Beach condo project heads to vote
Called 72B, the building would mark Galbuts’ third project in the Miami Beach neighborhood that was recently upzoned
A proposed condominium in North Beach backed by the Galbuts, the Navarros and Mendy Chudaitov’s Lefferts is heading to a vote.
The Miami Beach Design Review Board will consider the investors’ proposed 19-story, 125-unit condo development, called 72B, at 600 72nd Street. The project marks the third planned North Beach development from the Galbut family, Chudaitov and their partners.
Planning documents show floor plans include one-, two-, and three-bedroom options, as well as six penthouse units, all ranging from 734 square feet to 2,393 square feet. Amenities in the building will include a rooftop pool and pickleball and basketball courts, documents show. The building will also have 16,300 square feet of retail space.
Chudaitov confirmed pricing for the units will begin at $1 million, and that Douglas Elliman will lead sales for the project.
“There is no inventory at that price point,” Chudaitov said. The developers are targeting local buyers, he said, focusing on empty nesters and their children.
Records show the developers cobbled together the 1.6-acre development site on the block of 72nd Street between Dickens Avenue and Carlyle Avenue for $14.3 million in a series of deals spanning two decades. The ownership entities include 72nd & Carlyle Investments LLC and NDP Holdings, documents show.
Planning documents reveal an extensive lineup of investors in the project — a combination of high-profile locals and new players from the Northeast.
Local investors include Russell, Ronalee, Marisa and Jenna Galbut, of GFO Investments; Martin and Patricia Pico and Michael, Marcel, and Gabriel Navarro of MMG Equity Partners; and Matis Cohen.
New York-based nursing home moguls Pasquale DeBenedictis and Alex Solovey are also among the investors. DeBenedictis and Solovey are principals of Cassena Care, a nursing home provider that dropped $41 million on a nursing home in Queens in 2018.
Northeasterners also include Chudaitov, of Lefferts. Lefferts has partnered with the Galbuts on at least two other North Beach projects, including the planned condominium 72 Park, which is adjacent to 72B. Cervera Real Estate launched sales for the 22-story, 206-unit development in June, with prices starting at $700,000.
They are also partnering on a planned 13-story building at 666 71st Street in North Beach, which will have 110 rental units.
Chudaitov’s Lefferts and the Galbuts are part of a wave of developers building in North Beach after the neighborhood was upzoned in 2018.
“It was a gem that was neglected for many, many years,” Chudaitov said. “We’re looking to grow with the neighborhood.”
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