Turgut Yildirim Acquires Development Site In Edgewater, Miami For $3.7M

A development site located at 702-708 NE 26th St in Edgewater, Miami has been sold. The property has been purchased by Turgut Yildirim of Nehir Residences for a sale price of $3,700,000. The seller of the site is Shamsu Lalani. The transaction was facilitated by Erman Adanir of Disruptive Real Estate, representing the buyer, and Mitash Kiriplani of Colliers, representing the seller.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $3,700,000
• Address: 702-708 NE 26th St, Edgewater, Miami
• Market: Edgewater, Miami
• Buyer: Turgut Yildirim - Nehir Residences
• Seller: Shamsu Lalani
• Buyer's Representative: Erman Adanir - Disruptive Real Estate
• Seller's Representative: Mitash Kiriplani - Colliers

The development site offers a buildable square footage (BSF) of 79,998, translating to a price per buildable square foot (PPBSF) of $46. The total land area is 9,583 square feet, with a price per square foot (PPSF) of $386.

According to a note shared by @DisruptiveRealEstate, the site has approved plans for a 34-unit luxury condominium project designed by Kobi Karp. The project will be 13 stories tall and is located directly behind the existing Onyx on the Bay condo tower. Congratulations to all parties involved in the transaction.