Developer Todd Michael Glaser and his partners, Scott Robins and Jonathan Fryd, picked up a waterfront lot on Allison Island for a discounted price.
Glaser and his partners paid $7.9 million for the 0.5-acre property at 6505 Allison Road in Miami Beach, Glaser said. He plans to build a 10,000-square-foot mid-century modern style mansion on the property.
Records show Laurent and Pascale Ouazana sold the lot. Laurent is the CEO of Entoria, a wholesale insurance brokerage in France. The Ouazanas also own the house next door, which was part of the same parcel, at 6493 Allison Road. That property includes a seven-bedroom, 7,250-square-foot modern mansion that’s on the market for $19.9 million.
Dina Goldentayer of Douglas Elliman represented the buyer and seller in the $7.9 million sale, and is the listing agent for the home next door.
Glaser said he and his partners got a “phenomenal deal” on the lot, which hit the market in March for $14.5 million and was most recently asking $10.9 million. It has about 100 feet on the water.
Glaser said he expects to complete a new house in the next 14 to 16 months.
Read more
Development
South Florida
The Closing: Todd Michael Glaser
South Florida
Watch: Todd Michael Glaser on developing dream homes for billionaires
Glaser, Fryd and Robins recently paid $8.3 million to acquire a non-waterfront teardown on Miami Beach’s La Gorce Island, where they plan a spec home.
Glaser, who has other projects in Miami Beach, recently moved to Palm Beach, where he is working on a number of homes.
The residential market has slowed down this summer in part due to rising mortgage rates. Some sellers have adjusted their prices or pulled properties off the market until the fall or winter, when they expect demand to return, according to brokers. In July, single-family home closings fell 27 percent, year-over-year, in Miami-Dade County to 1,373 sales, according to the Miami Association of Realtors.
Recent closings in Miami Beach include Todd and Karen Whitman’s $9.5 million sale of their Normandy Shores home, and the founder of Luxury International Real Estate’s $10.2 million purchase of a Flamingo Drive house.