New York Developers Purchase Site to Build a Two Tower Residential Project for $40.5 Million
The Namdar Group recently purchased a development site for $40.5 million with plans to construct a two-tower residential and apartment project in downtown Miami.
According to county records, the New York-based company purchased 1.3 acres in two agreements at 50 and 60 Northeast Third Street and at 222 and 234 Northeast First Avenue.
Namdar additionally obtained a $195 million loan for the purchase and development of the skyscrapers. Scale Lending, a subsidiary of Slate Property Group, supplied the funding.
A 41-story structure with 640 units and a 43-story building with 714 units would make up the proposed Namdar Towers, which would have combined square footage of more than 1.2 million.
According to records, entities led by Daniel Stone paid $30.5 million for the parking lot and land at 50, 60, and 222 Northeast First Avenue as well as the parking lot at 50 and 60 Northeast Third Street.
The retail building at 234 Northeast First Avenue was sold for $10 million by a partner of Jaime and Esther Waserstein, who founded the ShoeGallery company in Miami. There is a ShoeGallery store on the premises.
According to its website, Namdar is a family-owned development company that was established in 1979. Ephraim Namdar, who has previously been named in media sources as the company's founder and CEO, is in charge of running the LLC that bought the Miami property.
Igal Namdar's commercial real estate investment company, Namdar Realty Group, which buys bankrupt retail centers, also has a New York address that is shared by Namdar.
The Journal Square district of Jersey City has seen activity from the corporation. According to the real estate website Jersey Digs, Namdar completed the tops of two mixed-use towers with a total of 27 stories and 667 residences in July.
Namdar Towers would be the newest development in downtown Miami, which has attracted the attention of multifamily developers.
A 48-story tower with 1,200 flats is what Jorge and Jon Paul Pérez's Related Group and ROVR Development hope to erect at the site of the College Station Garage at 190 Northeast Third Street. The Namdar Towers location is direct across the street from this one.
The 57-story, 675-unit M Tower is what Lions Group NYC and Fortis Design + Build hope to erect at 56, 70, and 65 Southwest Second Street.
Hyatt and Gencom plan to transform the James L. Knight Center and adjoining Hyatt Regency Miami hotel into a three-tower complex called Miami Riverbridge as part of another downtown redevelopment. 1,500 apartments, a new Hyatt hotel with 615 rooms and 264 service-branded flats, as well as a 190,000-square-foot conference center are all part of the plans.
A referendum on the plan will be held in November.
