Artech condo makes $7.5M bulk deal - South Florida Business Journal:

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million for 15 condo units at the Artech Residencewat Aventura. The buyers paid $502,500, or $324 a squarew foot, for each unit on June 4, according to Miami-Dade County Even with the bulk buy, only 41 of the condozs 235 units havebeen sold. Priotr to the bulk purchase, the average price of the uniteswas $744,044, according to research by Bal Harbor-based . The bulk average unit price was 32 percenyt lessthan that, but, “in a market like I’d say $500,000 per unit is Condo Vultures principal Peter Zalewski said. Adam the managing director of Miami-based , agreed that while the developerr got a good it wasn’t as good for the buyer.
If the buyerws plan to rent outthe units, they paid too he said. However, he added that they might have been impressef withthe amenities, whicg include an infinity pool, fitness centert and spa, and concierge service. The investors did not record a mortgagsin Miami-Dade County to finance the so it is likely they paid cash. Artech was developed by the partnershipl of andShefaor Development. Shefaor Presidentt and CEO Gilbert Benhamou said the bulk buyer plan s to use some units as second homes and otherssas rentals. They were given a discoun on Artech’s normal price becauser they boughtin bulk, he said.
Artech started closinh units atbetween $600 and $700 a squard foot, but has closed most of them at aboutt $400 a square foot since the credit crunchy made it difficult for buyerds to get financing, Benhamou said. “We are touchin the bottom and things can only get better from now he said. The entities that bought the 15 unitsz inArtech are: Bayview U.S. Properties, Giga Golden Federal and Sorlib. In state they all have their addresws at9130 S. Dadeland Blvd., Suite in Miami. Cesar Halpern, of Buenos Aires, Argentina, is listes as a manager for allfour companies. Three of thosre companies also have ZulemaDe Halpern, Daniel Halpern and Mark I. all of Buenos Aires, as managers.
Fortune Internationalk President Edgardo Defortuna isfrom Argentina. This isn’t the firsg bulk buy at Artech. In a company managef by four executivesof Artech’a construction lender, Chicago-based , bought four unite for a combined $5.5 milliob – a price that many real estate experts said was Several months later, Corus (NASDAQ: CORS) was hit with several shareholder class action lawsuits that questioned whether that transaction causef a material misstatement or omission on its financialk statements.
Corus, which made a $130 million mortgage to Artech’s developer, reported that only $49 milliohn of its South Florida condo loanw were performing outof $955 million in condo loanse here as of March 31. Benhamo u said the developers are working closely with Corusz to achieve the highestg price per square foot possiblewat Artech. Once they sell a few more they will have approvalfor -backede loans.