Updated Mar 10, 2025
Arnaud Karsenti Of 13th Floor Investments, LeFrak Organization, Related Group Buy Development Site For $35M
3650 Southwest 40th Street
$35,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 7, 2025
About this deal
AI
A 2.5-acre development site located at 3650 Bird Road in Miami was sold for $35 million. The site is approved for the construction of two 40-story towers featuring 748 apartments and 20,000 square feet of retail space.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $35,000,000
- Buyer: Arnaud Karsenti - 13th Floor Investments; Richard LeFrak - LeFrak Organization; Jorge Pérez, Jon Paul Pérez & Nicholas Pérez - Related Group
- Seller: Stephanie & Masoud Shojaee - Shoma Group
The transaction involves a strategic acquisition by a partnership of well-known real estate developers. Arnaud Karsenti represents 13th Floor Investments, while Richard LeFrak acts on behalf of the LeFrak Organization. Jorge Pérez, Jon Paul Pérez, and Nicholas Pérez represent the Related Group in this deal.
On the Map
$35,000,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93