A development site in Miami’s Edgewater neighborhood sold for $3.55 million — a 54 percent increase from its sale price last year.
Urbanika Edgewater sold the 16,500-square-foot assemblage on Northeast Fifth Avenue and Northeast 34th Street to Miami-based Union Excalibur on Feb. 27, records show.
The seller is a partnership between Alexander Sherman, Esteban Reyes and Jose Malabet, according to the company’s corporate records. They purchased the three properties at 522, 526 and 530 Northeast 34th Street in January and February of 2014 for a combined $2.3 million, according to Miami-Dade County property records.
Sherman, president of Affinity International Realty, represented himself and his partners on the sale.
“Initially, we were planning to build a condo tower, but we saw the appreciation of the property and we decided to sell,” Sherman told The Real Deal.
Sherman listed the properties for a combined $3.9 million, according to marketing materials. The site is zoned for up to 56 residential units. One lot has a house and two are vacant.
The buyers, who Sherman said were developers from Argentina, are planning on developing the site into a condo tower. Andres Goldenberg and Alejandro Eskenazi are listed on the buyer’s corporate records.
The properties are two blocks north of the Related Group’s Paraiso towers and one block south of the planned Kobi Karp-designed Satori Hotel Residences.