Kushner Companies spent $20.5 million for a part of an assemblage in Miami’s Edgewater neighborhood.
Investor Enrique Manhard and his partners sold the 0.75-acre piece of a larger assemblage, at 2000 Biscayne Boulevard, to New York-based Kushner, led by Charles Kushner, Nicole Kushner Meyer, and Laurent Morali.
The 2000 Biscayne sale price breaks down to $621 per square foot and $48,000 per unit.
The property is within an Opportunity Zone. It previously owned by Verzasca Group, and planned to develop condos on the site.
Manhard’s entity paid $13.1 million for the property in 2018 and sold it for 56% more in 3 years.
Kushner plans to build a total of 3 towers at 2000 Biscayne Boulevard and 1900 Biscayne Boulevard. Manhard too owns 1900 Biscayne, where units will be built in 2 towers.
Kushner has remained busy in South Florida and got permission to bring a 4-tower, mixed-use development to downtown Fort Lauderdale. It is planned to have 1,300 apartments, office and retail, and possibly a hotel.