Related Group & Lndmrk have just closed on a development site in Edgewater.
PPD Edgewater LLC sold the 18,000-square-foot property for $12 million. It last sold for $7.7 million in 2021.
The selling entity is managed by Esteban Koffsmon, who is Executive Vice President of Development and Construction for Chateau Group.
Koffsmon had plans for a 62-unit luxury condo tower designed by Dieguez Fridman Arquitectos & Asociados.
“This newest acquisition is another step forward in our efforts to solidify the area as a true hot spot,” said Nick Perez, President of Related’s Condominium Division.
“We look forward to expanding our relationship with Related, who is also our partner on two other nearby projects, The Dorsey and NoMad Residences Wynwood,” said Alex Karakhanian of Lndmrk Development.
Joel Rodriguez and Alex Suarez of Global Investment Realty brokered the transaction.