Superfund Condos Sell Below Replacement Cost

Condos at One Fifty One Biscayne are selling at $180 per square foot, well below replacement cost according to one analysis.

Construction on the project then known as Biscayne Landing was completed in 2007, just as the market soured. After a foreclosure action, iStar Financial bought 160 units and is now selling them off.

Michael Swerdlow and the Lefrak Organization are planning to develop the rest of the property, which is described as a brownfield. A soup of 30 chemicals have been detected on the site, but it has been deemed to be at safe levels.