Israeli-Turkish Partnership Paying $40 Million For Surfside Property; 90-Unit Hotel/Condo Project Planned
A publicly-traded Israeli developer is partnering with a Turkish conglomerate to build a luxury hotel and condo project in Surfside.
They’ve set an aggressive construction timeline, and are targeting December of this year to begin foundation work, although they haven’t closed on the property purchase yet and don’t have approved plans.
The partners are buying out owners of an existing condo at 8955 Collins Avenue, next door to the under-construction Four Seasons, for $40 million. They say that they will close on the transaction within 45 days.
At that price, the developers are expecting to to be able to rent hotel rooms at ultra-luxury prices. They are hoping to build 80 hotel rooms and 10 condos, so their land cost alone is equal to about $450,000 per unit. The property is also subject to Surfside’s strict 12-story height limit.
Surfside site under contract for $40M, new hotel and condos planned
Israel-based ASRR Capital and the Suzer Group, based in Turkey, agree to buy condo building.
Miami , Florida, April 29, 2015 (Newswire) – Surfside site under contract for $40M, new hotel and condos planned . Israel-based ASRR Capital and the Suzer Group, based in Turkey, agree to buy condo building
Marking its first foray into South Florida, a publicly-traded Israeli company with major holdings in New York, in a joint venture with a Turkish conglomerate, has signed a contract to buy an oceanfront building on the ocean in Surfside, with plans to build an ultra-high end hotel and condos.
Israel-based ASRR Capital, controlled by Alex Sapir and Rotem Rosen, and the Istanbul-based Suzer Group, have agreed to pay $40 million to 41 condo owners and the condo board, at 8955 Collins Avenue, in an off-market transaction.
The deal includes the nearly one-acre property on the ocean, next to the Surf Club Four Seasons Hotel & Private Residences, which was designed by Richard Meier and is currently under construction, as well as a property on the west side of Collins Avenue .The purchase is expected to be completed in 45 days. The Group is planning demolition in September and starting the foundation in December.
In Manhattan, the Sapir Organization owns 6.5 million square feet of real estate, including the New York headquarters for Coca Cola, Sony, Credit Suisse, William Morris and MTA. The investment group just bought the Mondrian SoHo, 260 Madison Avenue and 261 Madison Avenue, and is partners in Zuma in New York,
The Suzer Group, which is involved in real estate, banking and energy in Turkey, and owns the Ritz-Carlton in Istanbul, made its first U.S. purchase in New York two months ago. In a 50/50 partnership with ASSR Capital, the group bought 218 Madison Avenue, where they plan a high-end condo project, designed by BKSK.
The group is looking to bring in a “very high-end brand, comparable to a seven-star hotel,” from Europe and The investors’ plan is to build an 80-room hotel with a beach club that would be a continuation of the Surf Club Four Seasons’ beach club. Ten luxury condos would top the new building, which is currently zoned for 12 stories. The building will have 150,000 square feet when it is completed in about two-and-a-half years. On the other side of Collins Avenue, the investors plan to put a parking lot, and on top of that, a tennis court.
The Condo Units was not listed on the market and private sale has been arranged by Sima Kohen of Aventura Real Estate and Estrella Perez of EP Realty who acted as the buyers brokers for this master condo assembly on a less than 2 weeks time frame