Artech condo makes $7.5M bulk deal - St. Louis Business Journal:

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million for 15 condo units at the Artech Residences at The buyerspaid $502,500, or $324 a square for each unit on June 4, accordingh to Miami-Dade County records. Even with the bulk buy, only 41 of the condoss 235 units havebeen sold. Prior to the bulk purchase, the averagr price of the units was according to research byBal Harbor-based . The bulk average unit price was 32 percent lessthan that, but, “ib a market like this, I’d say $500,000 per unit is Condo Vultures principal Peter Zalewski said.
Adam the managing director of Miami-based , agreec that while the developer got a good it wasn’t as good for the If the buyers plan to rent out the they paid too much, he said. However, he addedf that they might have been impressed with the which include aninfinity pool, fitness center and spa, and concierg e service. The investors did not recorcd a mortgagein Miami-Dade County to financ the deal, so it is likelg they paid cash. Artech was developed by the partnershiop of andShefaor Development. Shefaor President and CEO Gilbert Benhamou said the bulk buyer plans to use some unitx as second homes and othersaas rentals.
They were given a discount on Artech’s normal price because they boughtin bulk, he said. Artecu started closing units atbetween $600 and $700 a square but has closed most of them at about $400 a squares foot since the credit crunchj made it difficult for buyers to get Benhamou said. “We are touching the bottom and things can only get bette r fromnow on,” he said. The entities that bought the 15 unita inArtech are: Bayview U.S. Giga Apartments, Golden Federal and Sorlib. In statee records, they all have their address at9130 S. Dadelandf Blvd., Suite 1600, in Cesar Halpern, of Buenos Argentina, is listed as a manager for allfour companies.
Three of those companies also have ZulemaDe Halpern, Daniel Halperj and Mark I. Glanz, all of Buenos Aires, as managers. Fortune International Presidenf Edgardo Defortuna is from This isn’t the first bulk buy at Artech. In a compan y managed by four executivesof Artech’s constructionh lender, Chicago-based , bought four units for a combined $5.5 million – a price that many real estate expertss said was high. Several month later, Corus (NASDAQ: CORS) was hit with several shareholderr class action lawsuits that questioned whether that transaction causedd a material misstatement or omission on itsfinancial statements.
which made a $130 million mortgage to Artech’as developer, reported that only $49 million of its Soutu Florida condo loans were performing outof $955 million in condo loans here as of Marcyh 31. Benhamou said the developers are workinvg closely with Corus to achieve the highest price per square foot possible at Once they sell a fewmore units, they will have approvakl for -backed loans.