Boulan South Beach Developer Sells Luxury Condotel and Retail Units For $25M in Miami Beach
- Mar 28, 2016
Miami–Parc Place Development LLC, a BEB Real Estate company, recently sold 30 luxury condotel units and two retail units within the Boulan South Beach, a 245,000-square-foot complex in Miami Beach. The asset was sold to Second Avenue 1355 Realty LLC for $25 million. The condotel units feature 25,400 square feet in total, and the two retail units a total of 2,200 square feet.
Parc Place Development was the ground-up developer of the property, which is situated on 21st Street between Collins and Liberty Avenues, next to the W. South Beach and Setai Hotels. The firm still owns 40,000 square feet of prime retail and a 65,000-square-foot, 440-space parking garage.
“We built the Boulan South Beach because Miami is one of the top tourist destinations in the U.S., and there is always a demand for lodging there, especially along Collins Avenue. And it turned out to be a great investment,” said Bert Brodsky, chairman of BEB Real Estate.
The condotel units ranging from 700 to 2,100 square feet feature fully equipped kitchens, oversized marble bathroom, premier furnishings and private terraces in select units. Amenities include concierge service, 24/7 valet parking, a meditation garden, a private fitness center, and a rooftop oasis with a pool, hot tub, sun deck and cabana beds.
Shops and restaurants tenants include the Bagatelle restaurant, women’s fashion store Curve, and blow-dry bar Dry De Luxe.
“We own a variety of residential, retail, commercial and restaurant properties, as well as parking garage facilities, but this is a new sector for us. Given the positive results, it’s one we’ll continue to explore,” said Lee Brodsky, president of BEB Real Estate.
BEB Real Estate is an entity controlled by Bert E. Brodsky & Associates, a privately-held company based in Port Washington, NY. The company has a real estate and investment portfolio consisting of mixed-use developments, parking facilities and restaurants totaling more than $350 million in assets and 1.5 million square feet throughout the East Coast.
Photo courtesy of Boulan South Beach.