Empresas FPY Purchases Waterfront Home From David And Nina Mandel For $15.5M In Miami Beach

The property asset involved in this transaction is a single-family home located at 821 East Dilido Drive, Miami Beach, FL. The waterfront home spans 4,420 square feet and was sold for $15,500,000, resulting in a price per square foot (PPSF) of $3,507. Built in 1940, the property was purchased by the seller in 2003 for $1.86 million and is now slated for demolition and redevelopment into a new mansion, reflecting the ongoing demand for premium bayfront properties in Miami Beach.

Summary of transaction details:

• Property Type: Single Family
• Transaction Amount: $15,500,000
• Address: 821 East Dilido Drive
• Market: Miami Beach, FL
• Square Footage: 4,420
• Price per Square Foot: $3,507
• Buyer: Francisco Perez - Empresas FPY
• Seller: David Mandel & Nina Mandel
• Brokers: Danny Hertzberg & Jill Hertzberg - Coldwell Banker

In this transaction, the buyer, Francisco Perez, represents Empresas FPY, a luxury builder, indicating an intention for redevelopment of the site. The sellers, David and Nina Mandel, are attorneys who previously acquired the property for a significantly lower price in 2003, emphasizing the appreciation in property value over time and the strategic moves by developers in the Miami Beach market.