PPG Development, LLC Purchases Bay Harbor Tower From Bay Harbor Tower Owners For $32 Million

BAY HARBOR TOWERS, a luxury waterfront residential property, is located at 10141 and 10143 East Bay Harbor Drive in Bay Harbor Islands. The property, encompassing 1.03 acres, sold for $32 million, which equated to a price of $1,066,667 per existing unit.

Summary of transaction details:

• Property Type: Residential
• Transaction Amount: $32,000,000.00
• Address: 10141 E Bay Harbor Dr, Bay Harbor Islands
• Market: Panama City
• Seller: Bay Harbor Tower Owners
• Buyer: PPG Development, LLC
• Seller's Representatives: Gary Cohen - NorthMarq, Deme Mekras, Gary Cohen - Marcus & Millichap

The transaction was facilitated by Cary Cohen of Blanca Commercial Real Estate and Deme Mekras of MSP Group, who represented the owners of Bay Harbor Towers during the marketing process. Their efforts included signing exclusive listings with all 30-unit owners, resulting in a competitive bidding environment that culminated in the sale to PPG Development, LLC, led by Founder and CEO Ari Pearl, who has prior experience in the Bay Harbor market.