It has been rumored for the past few months… now it is reality. Catalfumo has sold his remaining 147 units at 2700 North Ocean on Singer Island. The deal, which has been in the works for several months closed last Friday, June 4th. The new owner is Lionheart Capital, a joint venture company composed of the Miami-based Flagler Group and Oz Holdings, a New York City-based investment group.
The Flagler Group’s expertise is in luxury real estate development. This group bought the Mutiny Hotel in Miami’s Coconut Grove, transforming it into a condominium-hotel resort, and they developed the neighboring site into the Mutiny Park, now known as the Sonesta Bayfront Hotel.
The deal closed for a little under $118 million, with $86 million going for the assumption of the loan taken out by Catalfumo and the remainder being paid to Catalfumo and to cover closing costs, fees and commissions.
The new owners are retaining Joey Eichner, president of Catalfumo Construction and Development, as a consultant for the time being; and have kept the operation in a status quo until they conduct a full evaluate. It is rumored that part of the evaluation is to upgrade the existing facilities to provide an even more ultra-luxury lifestyle experience.
A luxury development, the 2700 North Ocean Dr. condominium was designed by architect Robert W. Swedroe, with two, 27-story towers offering panoramic views from glass-framed terraces. There are 242 residences ranging from 1,725 square feet to over 7,500 square feet for the tower suites. Expansive lobbies and private elevators, state-of-the-art fitness centers, two cinema-style theaters, a heated lap pool and beach cabanas help to set the tone.
For more information on specific condominium sales activity contact Jeannie at 561-889-6734 or email her at [email protected]