Updated May 6, 2026
Kabir Manchanda Of Manchanda Group Acquires Development Site In Miami Beach For $14.25M
1940 Bay Drive
$14,250,000
$402/SF
Building Size
35,400 SF
Asset Type
Development Site
Closing
Mar 25, 2026
About this deal
AI
The property asset involved in this transaction is a development site located at 1940 Bay Drive in Miami Beach. The sale was recorded on March 26, 2026, with a transaction price of $14,250,000, encompassing 35,400 square feet, which translates to a price per square foot of $402.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $14,250,000
- Address: 1940 Bay Drive
- Market: Miami Beach
- Square Feet: 35,400
- Price Per Square Foot: $402
- Buyer: Kabir Manchanda - Manchanda Group
- Seller: Jonatan Sredni - 1940 Apartments LLC
The acquisition was led by Kabir Manchanda, representing the Manchanda Group. This development site adds to the group's portfolio as they focus on acquiring waterfront land opportunities across Miami.
Players
Miami Beach 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
1.11%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93