Macklowe Properties acquired the 51-unit Biscayne Sea Club co-op in North Bay Village for $47.7 million. Earlier this year, the Biscayne Sea Club terminated all of its leases with its residents and approved the sale of the property in bulk. The residents will share the sales proceeds. The co-op was developed on the north end of Harbor Island in 1955.
The S. Florida Business Journal reports many South Florida condos and co-ops are dealing with large maintenance bills and insurance expenses. That has led to some of them selling to developers, as the underlying land is worth more than the older residential units.
Kawa Capital provided the buyer with a $32 million mortgage to the buyer.
Macklowe Properties is a high-rise New York developer founded in the 1960s.