A Miami-based real estate investment and development company paid $12.2 million for a Brickell development site, with plans to build a luxury tower of up to 80 floors and 183 units.
Ytech, led by Yamal Yidios, bought the properties at 41 and 75 Broadway in Miami — also known as 41 and 75 Southwest 15th Road — north of Simpson Park, according to a release.
The properties total 16,000 square feet, or less than half an acre. Zoning and transfer development rights could allow Ytech to build a mixed-use tower of up to 432,000 square feet, according to the release.
The developer does not yet have plans for either a condo or multifamily project, according to a spokesperson.
Ytech may have been working on the deal for a while. In 2018, the Schraedel family sold an ownership interest in 41 Broadway for $4 million. Another trust in the name of Schraedel family member Anne Haff continued to hold ownership in 41 Broadway.
A company tied to Black Label Branding sold 75 Broadway in 2018 for $4.2 million. Black Label, a luxury lifestyle branding agency, is led by J. Robert Taglairino, who also signed the deed.
According to Ytech’s release, to assemble the properties, the company worked through a series of defaulted contracts from previous buyers and back-up contracts. It also risked buying partial interests at different intervals on the parcel held by two owners embroiled in a lengthy family litigation.
The property buyers were 41 Acquisition Holdings LLC and Brickell Broadway Holdings LLC, both of which tie back to the Kapp Morrison law firm. Last year, the companies changed their names to Ytech – 41 Broadway TIC-S LLC and YTech – 75 Broadway LLC, according to records.
In December, Ytech sold a 491-unit multifamily complex in Miami Gardens for $78 million.
Other recent deals for proposed multifamily projects in the Miami area include Alta Developers paying $17.5 million for the dev site of a 215-unit mixed-use project and Trammell Crow Residential and The Carlyle Group paying $19.2 million for a Doral dev site for a seven-building, 356-unit apartment project.