David Weisburd Acquires Downtown Miami Condo For $4.375M With Brokers Seth Semilof & Kamal Hotchadani Of HL Real Estate Group And Ivan Ramirez Of One Sotheby's International Realty
851 Northeast 1st Avenue
$4,375,000
$1,071/SF
Building Size
4,083 SF
Asset Type
—
Closing
Feb 17, 2022
About this deal
AI
A luxury condominium unit located at 851 NE 1st Ave PH 5201 in Downtown Miami has recently been sold. The condo spans across 4,083 square feet and offers breathtaking views of the city. The property was sold for a price of $4,375,000, resulting in a price per square foot of $1,072.
Summary of transaction details
- Property Type: Condo
- Transaction Amount: $4,375,000
- Address: 851 NE 1st Ave PH 5201, Downtown Miami
- Market: Downtown Miami
The buyer of this exquisite condo is David Weisburd. Seth Semilof and Kamal Hotchadani from HL Real Estate Group, along with Ivan Ramirez from One Sotheby's International Realty, represented the buyer in this transaction.
It is noteworthy that the property was listed with an asking price of $4,500,000. However, the final sale price negotiated was $4,375,000, demonstrating the buyer's keen negotiation skills. This closed deal highlights the demand for luxury condos in the Downtown Miami market.
On the Map
$4,375,000
$1,071/SF
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Players
Miami CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Deal FAQ
About $1.1K per square foot on a published $4.4M for 4,083 square feet (2022).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.63%
Cash-on-Cash
-1.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93