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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES SALE OF 5-ACRE BRICKELL SITE WITH AN AGGREGATE SALE PRICE OF $35 MILLION |
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Tuesday, March 27, 2001
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New York, NY
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Sonnenblick-Goldman Company is pleased to announce that it has arranged the sale of a 5-acre bay front parcel located on Brickell Bay Drive and Southeast 14th Street in Brickell, Miami's "Wall Street of the Americas." Sonnenblick-Goldman Company exclusively represented the owner, Brickellinvest Joint Venture, whose general partner is an affiliate of Multiplan USA.
"The sale of the parcel was executed with the sale of a 2.5-acre parcel at the end of last year and the sale of the remaining half today. The sale of the South half brings to realization Brickellinvest's strategy of purchasing land in Miami's premier Brickell area and enhancing the value of the land by re-platting the site, designing premier luxury condominium towers and securing all of the required development approvals," stated Manuel de Zarraga, Managing Director of Sonnenblick-Goldman Company.
The purchaser of the South half is a highly experienced residential development group, Fortune International Development, that includes the leading Brickell residential brokerage firm of Fortune International Realty, led by Edgardo Defortuna and Miguel Angel Barbagallo, who have developed numerous major residential projects. In October 2000, a private local development group, PWJ, led by Tibor Hollo purchased the North parcel.
Multiplan USA recently completed the development of the 127-unit, super-luxury Il Villaggio on South Beach condominium and retail shops. Sales of Il Villaggio units have set pricing records with sales averaging in excess of $750 per square foot.
"We are actively seeking new real estate investment and development opportunities, particularly along the beach and bay front areas of South Florida, as well as expanding our presence in South Beach with the rapidly expanding Il Villaggio Realty," stated Jose Isaac Peres, Chairman of Grupo Multiplan.
Brickellinvest acquired the entire 5-acre site in Brickell in December of 1997 without entitlements at a price of $15.5 million. Sonnenblick-Goldman Company represented Brickellinvest in the acquisition of the site. The sale of the South half of the site by Brickellinvest includes development plans for a luxury 46-story condominium tower, designed in the spirit of the highly successful Il Villaggio on South Beach.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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