Related Group & Macklowe Properties Purchase Majority Stake In Majestic Isle Condo For $7.91M

The Majestic Isle condo on Biscayne Bay, located at 7946 East Drive in North Bay Village, was acquired by an affiliate of Related Group and Macklowe Properties. The transaction involved the purchase of 14 units for a total of $7.91 million. The developers now own 20 out of the 36 units in the building, highlighting a strategic move to target waterfront properties for redevelopment.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $7,910,000
• Units: 14
• Price per Unit: $565,000
• Address: 7946 East Drive
• Market: North Bay Village

Jorge M. Pérez of Related Group and Harry Macklowe of Macklowe Properties were the buyers in this transaction. The broker representing the deal was Sam Gaita. The acquisition of the majority stake in the Majestic Isle condo aligns with the ongoing trend of developers acquiring older condos in South Florida to address repair and maintenance challenges, especially in waterfront properties.