Her car repair business was described as having a staff “capable of doing the jobs any male member of the automobile industry would undertake.”

Miami-Dade County condo sales rose last week, while total dollar volume, average price and average price per square foot all fell.

Brokers closed 175 condo sales totaling $110 million last week, compared to 123 condo sales totaling $93 million the previous week.

Units sold for an average price of $630,000, lower than the $753,000 from the week prior. The average price per square foot fell to $504 from $576, according to data from condo.com. Last week, condos closed after an average of 63 days on the market.

For the top 10 sales, prices ranged from $1.9 million to $5.5 million.

Bayview Fisher Island unit 5236 at 5236 Fisher Island Drive in Miami Beach took the top spot with a $5.5 million closing. The sale equated to $2,007 per square foot after three days on the market. Liz Hogan with Compass Florida had the listing, and Karla Abaunza with Luxury Living Realty represented the buyer.

Leaflet map created by Adam Farence | Data by © OpenStreetMap, under ODbl.

A condo at Residences at Vizcaya snagged second place with a $5.2 million sale. Unit 503 at 3535 Hiawatha Avenue in Miami closed at $1,157 per square foot after 344 days on the market. Ana Rodriguez with Coldwell Banker Realty had the listing. Claudia Herrera with Compass Florida represented the buyer.

Here’s a breakdown of the top 10 sales from Sept. 17 to Sept. 23:

Most Expensive

Bayview Fisher Island, 5236 Fisher Island Drive, unit 5236 in Miami Beach | Price $5,500,000 | $2,007 psf | Listing agent: Liz Hogan with Compass Florida | Buyer’s agent: Karla Abaunza with Luxury Living Realty | Days on market: 3

Least Expensive

The Courts at South Beach, 145 Jefferson Avenue, unit 423 in Miami Beach | Price $1,900,000 | $784 psf | Listing agent: Jonathan Corso with Coldwell Banker Realty | Buyer’s agent: Alejandro Vasquez with Million and Up Realty | Days on market: 139

Highest Price Per Square Foot

St. Regis Bal Harbour, 9705 Collins Avenue, unit 1404N in Bal Harbour | Price $4,300,000 | $2,250 psf | Listing agent: Sergio Balinotti with BRG International | Buyer’s agent: Angela Matusian with Miami Residence | Days on market: 155

Lowest Price Per Square Foot

The Courts at South Beach, 145 Jefferson Avenue, unit 423 in Miami Beach | Price $1,900,000 | $784 psf | Listing agent: Jonathan Corso with Coldwell Banker Realty | Buyer’s agent: Alejandro Vasquez with Million and Up Realty | Days on market: 139

Most Days on Market

Jade Ocean, 17121 Collins Avenue unit 1908, in Sunny Isles Beach | Price $2,600,000 | $1,329 psf | Listing agent: Clarissa Gurgulino with One Sotheby’s International Realty | Buyer’s agent: Denis Smykalov with Wolsen Real Estate | Days on market: 468

Fewest Days on Market

Bayview Fisher Island, 5236 Fisher Island Drive, unit 5236 in Miami Beach | Price $5,500,000 | $2,007 psf | Listing agent: Liz Hogan with Compass Florida | Buyer’s agent: Karla Abaunza with Luxury Living Realty | Days on market: 3

The post Fisher Island closing tops weekly condo sales in Miami-Dade appeared first on The Real Deal.

Weyerhaeuser sold 150 acres near the Port of Longview, with the Oregon-based buyer considering building an industrial hub.

New drugs to defeat “superbug” bacteria aren’t reaching patients.

The chief executive of New York Public Radio, which operates WNYC and the classical music station WQXR, said the organization was facing a “free fall” in advertising.

Related Group and Merrimac Ventures plan to launch a Waldorf Astoria-branded condo development in Pompano Beach, The Real Deal has learned. 

Miami-based Related, led by Jorge Pérez and his sons, Jon Paul and Nick, is partnering with Dev and Nitin Motwani’s Merrimac on the project at 1350 South Ocean Boulevard, according to plans submitted to the city this summer. Sources told TRD that it will be a Waldorf Astoria. 

The Motwanis planned to develop condos on the site dating back to 2017. An affiliate of the firm paid $11.5 million for the 1.8-acre oceanfront site in 2011, which also included the 4-acre property at 1333 South Ocean Boulevard that has since been developed into luxury rentals. 

The new project could mark the second Waldorf Astoria Hotels & Resorts-branded condominium in South Florida and the second major hotel-branded development in Pompano Beach. PMG and Greybrook are working on the Waldorf supertall planned in downtown Miami. In Pompano Beach, Fortune International Group and Oak Capital’s Ritz-Carlton Residences is under construction near Related and Merrimac’s property. 

Related and Merrimac’s Waldorf building is being designed by Nicholas Architects with landscaping by Enzo Enea, according to the plans. The 28-story, 92-unit tower would have condos ranging from two to five bedrooms; two restaurants; and a pool deck topping the three-story parking podium. The project will also include about two dozen boat slips that Motwani deeded back over to the condo site years ago with the plan to sell them with the units. 

Motwani and a spokesperson for Related did not immediately respond to requests for comment. 

In 2019, the luxury condo building Sabbia Beach, at 730 North Ocean Boulevard, marked the first new condo project to be completed in Pompano in more than a decade. Since then, Related has launched and presold two condo developments in Pompano Beach, called Solemar and Casamar, driving prices up for new development in the beachfront Broward County city. 

In September, Related Group secured a $158.9 million construction loan from the U.S. arm of the Canadian bank CIBC for Casamar Residences at 900 North Ocean Boulevard. It was nearly sold out at the time it closed on construction financing, the developer said. 

Related recently acquired another site in Pompano. The developer and its partner, BH Group, purchased the 3.7-acre waterfront property at 20 North Ocean Boulevard from Chetrit Group for $47.5 million this summer. It was previously approved for a mixed-use project. 

Read more

The trend of developers partnering with luxury brands has boomed in South Florida, in part because it allows developers to charge a premium on a per-square-foot basis. Brands such as Porsche Design, Armani/Casa, Aston Martin, Missoni, Ritz-Carlton and others have towers in Miami-Dade County. 

Developers typically pay branding fees, which can range from 3 percent to 8 percent of sales, experts previously told TRD. Most branding agreements are for 10 years, with extension options and the expectation that the brand will be in place for much longer. Some are permanent. Once the building is completed, owners pay brand management fees as part of their HOA dues.

The post Related, Merrimac plan Waldorf Astoria condos in Pompano Beach appeared first on The Real Deal.

Burlington is expanding its presence on Long Island by a half-dozen stores, receiving an assist from Bed Bath & Beyond’s bankruptcy.

The retailer is adding six locations to its eight-store Long Island portfolio, Newsday reported. The expansion is part of the company’s push to improve sales by doubling its store count across the country, including opening smaller locations than before. The average size of new Burlington stores dropped from 45,000 square feet in 2017 to 28,000 square feet last year.

The forthcoming stores will be in Huntington, New Hyde Park, Oceanside, Riverhead, Selden and West Babylon. Three will open in November, but it’s unclear when the New Jersey-based company will open the other half. Only half of the stores will span at least 30,000 square feet, one exceeding the threshold by just a few yards.

Burlington’s expansion is being aided in a major way by Bed Bath & Beyond and the landlords it left behind when it declared bankruptcy in the spring. This year, Burlington acquired more than 60 Bed Bath & Beyond leases; four of the six Long Island additions are at former Bed Bath & Beyond locations.

The retailer’s chief executive has owned up to the role Bed Bath & Beyond is playing in his own company’s fortunes. During an earnings call last month, CEO Michael O’Sullivan said great locations became available in recent months, pointing specifically to the winding down of Bed Bath & Beyond.

“The benefit of acquiring leases directly is that we get to cherry-pick the locations that we’re most interested in,” O’Sullivan added.

Burlington has more than 900 stores across the country. It added 91 stores during the last fiscal year and plans to add between 70 and 80 stores this fiscal year. Three years ago, the company announced its plan to expand to 2,000 stores.

In the fiscal second quarter, Burlington recorded $2.17 billion in sales, an increase of 9 percent year-over-year.

— Holden Walter-Warner

Read more

The post Burlington nearly doubling Long Island footprint thanks to Bed Bath & Beyond demise appeared first on The Real Deal.

The F.T.C. accused the internet giant of protecting an online retail monopoly and forcing higher prices onto consumers.

The retailer will close locations in New York, San Francisco, Seattle and Portland, saying its business had been hurt and the safety of employees and customers was at risk.

A group of Silicon Valley investors that spent $800M on farmland in Northern California is planning to build a “city of yesterday,” though it remains unclear just what they have in mind.
Some of tech’s biggest names — including LinkedIn co-founder Reid Hoffman, Stripe co-founders and siblings Patrick and John Collison, and Michael Moritz of Sequoia Capital — are among the deep-pocketed individuals behind Flannery Associates, a group that has amassed 5,200 acres northeast of San Francisco.