Yitzhak Isaac Tshuva's El-Ad National Properties Acquires Sea Club Resort In Fort Lauderdale For $60M

El-Ad National Properties acquired a hotel property located at 619 North Fort Lauderdale Beach Boulevard in Fort Lauderdale, FL. The purchase was finalized for a price of $60,000,000, covering an oceanfront site measuring 1.2 acres. The asset consists of a total of 99 keys, equating to a price per key of $606,061. The building encompasses a square footage of 54,982, resulting in a price per square foot of $1,091.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $60,000,000
• Buyer: Yitzhak Isaac Tshuva - El-Ad National Properties
• Seller: Rachel Levy & Michael Man
• Financing: $40,000,000 provided by the seller
• Keys: 99
• PPK: $606,061
• SF: 54,982
• PPSF: $1,091
• Site Acreage: 1.2 acres
• Potential Redevelopment: Zoning allows for a 541-unit, up to 246,989-square-foot project

This transaction involved key individuals Yitzhak Isaac Tshuva, representing El-Ad National Properties, who engaged in discussions with sellers Rachel Levy and Michael Man. The strategic purchase reflects intentions for potential redevelopment within the Fort Lauderdale market, emphasizing the significance of the property's zoning opportunities.