Yitzhak Tshuva Of El-Ad National Properties Acquires Development Site From Claudio Stivelman For $20M

A 1.01-acre development site located at 7915 West Drive in North Bay Village has been sold for $20 million. The property had previously been acquired for $5.5 million in 2022 and currently has approvals for a 22-story, 94-unit condominium tower. The sale was backed by a $10 million loan from Metropolitan Commercial Bank and remains unbuilt.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $20,000,000
• Buyer: Yitzhak Tshuva - El-Ad National Properties
• Seller: Claudio Stivelman - S2 Development
• Lender: Metropolitan Commercial Bank
• Finance: Max Hulsh - Institutional Property Advisors (IPA)

This transaction involves key figures in the real estate industry, with Yitzhak Tshuva representing El-Ad National Properties and Claudio Stivelman representing S2 Development as the sellers. Max Hulsh from Institutional Property Advisors played a role in financing the deal.