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401 Ocean Boulevard

Billionaire Developer Ashkenazy Sells 0.8-Acre Oceanfront Land In Golden Beach, Florida For $29M
SOLDLand

Billionaire Developer Ashkenazy Sells 0.8-Acre Oceanfront Land In Golden Beach, Florida For $29M

401 Ocean Boulevard

$29,000,000

Building Size

Asset Type

Land

Closing

Oct 26, 2023

AI

A 0.8-acre oceanfront lot located at 401 Ocean Boulevard in Golden Beach, Florida has been sold in an off-market deal for $29 million. Billionaire developer Ben Ashkenazy sold the property to Lorena and David Rodriguez. The sale comes after Ashkenazy owned the land for four years. Lorena and David Rodriguez are no strangers to the area, having previously purchased properties in Golden Beach.

Summary of transaction details

This off-market transaction involved the sale of a prime oceanfront property in Golden Beach. Lorena and David Rodriguez, who have previously invested in the area, purchased the land from billionaire developer Ben Ashkenazy. The deal was facilitated by brokers Isaac Lustgarten and Oren Alexander, further solidifying their reputation as key players in the real estate market.

Players

Isaac Lustgarten

The Corcoran Group

Broker

$262.6M

vol

24 deals

Broker

David R. Rodriguez

Buyer

$62.6M

vol

4 deals

Buyer

Ben Ashkenazy

Ashkenazy Acquisition

Seller

$721.3M

vol

16 deals

Seller

Golden Beach Land Market Snapshot

Boundary boundary · Land · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.55%

Cash-on-Cash

-0.16%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93