A member of the Simkins family sold a waterfront home in North Bay Village to an investor who has been buying up houses in the three-island town, The Real Deal has learned.
The investor, Pawan Singh, has paid $61.5 million on 11 houses, many on the water, on Terrace Drive in North Bay Village, according to TRD’s analysis of property records. Singh has assembled at least 2.5 acres of land in the village via purchases in his name and LLCs linked to him. He likely controls more than 500 feet of water frontage, though it’s not entirely contiguous.
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Singh is CEO of Vienna, Virginia-based NavX Consulting, a management and technology consulting firm, and previously was a principal at Deloitte, according to his LinkedIn profile. He did not respond to a request for comment.
His latest purchase is the largest he’s made since he began buying houses on the island in 2022. Last week, he paid $13.5 million for the five-bedroom, four-bathroom house at 1365 Bay Terrace. The property has 215 feet of waterfront.
Singh purchased the property via a Falls Church, Virginia-based LLC. Simkins paid just over $3 million for the 3,700-square-foot house in 2016, records show. The corner lot includes a waterfront pool and dock. The five-bedroom, four-bathroom house was built in 1942.
Singh’s first purchase was in 2022, when he paid $3.9 million for the four-bedroom, three-bathroom house at 1480 South Treasure Drive. The 2,556-square-foot home, built in 1950, sits on a 0.2-acre lot with 60 feet of waterfront. Mark Stephan of Engel & Voelkers brokered that deal.
Singh has listed at least one of the properties for rent. The 2,015-square-foot, three-bedroom and four-bathroom house at 7401 Miami View Drive is asking $8,000 a month. It’s listed with Douglas Elliman’s Elizabeth Gazay.
Larger assemblages of waterfront land have sold for record prices in Miami Beach over the past year.
In July, spec home developer Todd Michael Glaser and the Posner Group paid $105 million for the 2.3-acre estate at 5940 North Bay Road in Miami Beach. The partners are looking to flip the property for $169 million, or rent it out for $495,000 a month, but Glaser is also moving forward with plans to develop a spec mansion that could hit the market for $300 million. Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty has the listings.
Homeowners in North Bay Village include developer Alexandra Eichner, Anatomy Fitness co-owner Marc Megna, the owners of Farrey’s Lighting & Bath, and a number of real estate agents, including Sam Heskial, Sari Libben Shapiro and Chris Wands, property records show.
Wands, an agent with Douglas Elliman, said the neighborhood’s location and security appealed to him and his wife when they moved in 2021. North Bay Island is a gated community.
“I felt it was undervalued with the connectivity to the beach and the mainland. Without traffic, I’m in the Design District or beach in 10 minutes,” he said. “My wife loved the idea that it had its own municipalities, police and fire.”
Last month, a Miami businessman sold the waterfront home at 7520 West Treasure Drive for $12.5 million, marking one of the priciest deals ever recorded in the town and the most expensive on Treasure Island.
A handful of major condo and mixed-use projects are also planned in the town, including developments led by Related Group and Macklowe Properties, the Ansin family’s Sunbeam Properties, a partnership led by Vivian Dimond, the Eichners’ Continuum Company and Mikael Hamaoui’s Riviera Horizons.
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