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.