Vatsala Sharma Acquires Development Site In Miami Beach From Jerry Portila For $4.6M

The property involved in this transaction is a development site located at 1560 Bay Drive, Miami Beach. The asset exchanged hands for a price of $4,600,000, with a building size footprint (BSF) of 4,385 square feet, translating to a price per building square foot (PPBSF) of $1,049. The total square footage (SF) of the site is 1,968, resulting in a price per square foot (PPSF) of $2,337.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,600,000
• Buyer: Vatsala Sharma
• Seller: Jerry Portila
• Seller's Representative: Giovanni Mancini & Mina Taskiran - Sotheby's International Realty
• BSF: 4,385
• PPBSF: $1,049
• SF: 1,968
• PPSF: $2,337

Giovanni Mancini and Mina Taskiran represent the seller, Jerry Portila, in this transaction. They also note that they have additional waterfront and dry lot development opportunities for sale in prime locations across Miami and Miami Beach. Moreover, they encourage landowners who are concerned about market days to reach out for assistance.