Two years after picking up two apartment buildings in Miami Beach’s Normandy Isle for $7.3 milion, an investment group led by Jonathan Politano is looking to sell the Pierre on the Bay complex for double the price.
The 70-unit waterfront complex, at 2050, 2070 and 2095 Bay Drive, is listed for $15 million. The pair of two-story buildings were built in 1951.
The current owners are also seeking to rezone the property so it can be redeveloped into a condominium, according to a release from Marcus and Millichap. Marcus & Millichap’s Ryan T. Shaw and Shelly Argy are marketing the property.
“This is one of the last development opportunities on Biscayne Bay in Miami Beach,” Shaw said in a statement. “This asset allows for income from the current apartments while going through the approval process for luxury condominiums.”
Normandy Isle is within the city’s North Beach neighborhood, which is undergoing somewhat of a real estate boom. New development projects are in the works, and out-of-town investors are gobbling up existing apartment buildings.
The seller, Manapoli 18, has ties to Politano’s Aventura-based Gulf Group Holdings. In 2019, Politano’s group paid roughly $105,000 per apartment, buying Pierre on the Bay from an entity led by Aaron Edelstein, whose family had owned the complex since 1969. The deal also included a vacant lot across the street that is not part of the current listing.
Marcus and Millichap’s Argy noted several major developers have recently purchased land for projects in Normandy Isle, North Beach and North Bay Village.
Shoma Group in May paid $15.8 million for redevelopment sites at 1850 and 1879 79th Street Causeway where the company plans to build a mixed-use project with 333 units and a Publix on the ground floor.
NoBe Creek LLC, an entity led by Jefferson Brackin, Russell Galbut and his daughter Marisa Galbut, have plans to build a 13-story mixed-use building with 110 rental units, 8,100 square feet of retail, a rooftop restaurant and two floors of parking at 666 71st Street.
And the Gaeta family is listing a redevelopment site at 7410 Collins Avenue that currently has a two-story building occupied by a CVS. The property could be developed into a 67,500-square-foot mixed-use project including hotel, short-term rentals, apartments, retail and office. The listing price is $17.5 million.