Updated Sep 23, 2026
Adam Neumann Acquires Bal Harbour Development Site From Joseph Imbesi For $44M
200 Bal Bay Dr, Bal Harbour, FL, USA
$44,000,000
$549/SF
Building Size
80,040 SF
Asset Type
Development Site
Closing
Jun 18, 2020
About this deal
AI
Adam Neumann has purchased a development site in Bal Harbour for a total of $44,000,000. The property was sold by Joseph Imbesi. The transaction took place on June 18, 2021. The market in which the property is located is also Bal Harbour. The asset type of the property is a development site. The sale was facilitated by Brett Harris of Douglas Elliman, who represented Adam Neumann as the buyer's representative. Tony Imbesi served as the seller's representative in the deal.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $44,000,000
- Market: Bal Harbour
- Buyer: Adam Neumann
- Seller: Joseph Imbesi
- Buyer's Representative: Brett Harris - Douglas Elliman
- Seller's Representative: Tony Imbesi
- Date: June 18, 2021
Adam Neumann, the co-founder of WeWork, has acquired a development site in Bal Harbour for $44,000,000. Joseph Imbesi was the seller of the property. Brett Harris from Douglas Elliman represented Adam Neumann as the buyer's representative, while Tony Imbesi served as the seller's representative. This transaction took place on June 18, 2021.
On the Map
$44,000,000
$549/SF
Development Site
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Players
Bal Harbour Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93