BEB Real Estate Entity Sells 30 Luxury Condotel Units At The Boulan South Beach For $25M
Parc Place Development, LLC, a BEB Real Estate company, has sold 30 luxury condotel units and two retail units at The Boulan South Beach in Miami Beach, Florida to Second Avenue 1355 Realty, LLC for $25 million.
The condotel units contain 25,400 square feet in aggregate, and the two retail units total 2,200 square feet. The 245,000-square-foot complex is less than a block from the beach.
Parc Place Development was the ground-up developer of the property, which is situated on 21st Street between Collins and Liberty Avenues, next to the W South Beach and Setai Hotels.
The firm retains full ownership of 40,000 square feet of prime retail and a 65,000-square-foot, 440-space parking garage at the property that is used by many neighboring hotels.
“We built the Boulan South Beach because Miami is one of the top tourist destinations in the U.S., and there is always a demand for lodging there, especially along Collins Avenue,” says Bert Brodsky, chairman of BEB Real Estate. “And it turned out to be a great investment.”
Lee Brodsky, president of BEB Real Estate, adds that that the Boulan was the firm’s first foray into condotel development. “We own a variety of residential, retail, commercial and restaurant properties, as well as parking garage facilities, but this is a new sector for us,” he explains. “Given the positive results, it’s one we’ll continue to explore.”
The condotel units that were sold range from 700 to 2,100 square feet and feature fully equipped kitchens, at least one full bedroom, an oversized marble bathroom, and premier furnishings such as Tempur-Pedic mattresses. Some units include private terraces. Amenities include concierge service, 24/7 valet parking, a Zen meditation garden, a private fitness center, and a rooftop oasis with a pool, hot tub, sun deck and cabana beds. A range of shops and restaurants, including the restaurant Bagatelle, women’s fashion store Curve, and award-winning blow-dry bar Dry De Luxe.
Read more at citybizlist.com