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South Beach Block Sells for $42M

New York developer spends $42M assembling block on South Beach

An affiliate of New York-based JDS Development Group spent a combined $41.9 million during May and June acquiring 13 lots along Monad Terrace in South Beach.

The small street is located between West Avenue and the Intracoastal Waterway near 13th Street. It’s on the south side of the Wavery condominium.

Monad Terrace Property Owner, an affiliate of JDS Development Group led by Michael Stern, snapped up all 13 homes and small multi-family buildings on Monad Terrace over the course of two months. The land totals 61,846 square feet.

Here’s a rundown of what it paid for each piece. (Some sellers got much better deals than others.)

  • $1.7 million for 5,120 square feet at 1310 Monad Terrace.
  • $900,000 for 4,200 square feet at 1305 Monad Terrace (on West Avenue).
  • $1.02 million for 3,500 square feet at 1325 Monad Terrace.
  • $900,000 for 3,500 square feet at 1355 Monad Terrace.
  • $1.95 million for 3,500 square feet at 1315 Monad Terrace.
  • $4.3 million for 6,320 square feet at 1300 Monad Terrace (on West Avenue)
  • $3.58 million for 5,120 square feet at 1320 Monad Terrace.
  • $3.58 million for 5,120 square feet at 1340 Monad Terrace.
  • $1.5 million for 3,500 square feet at 1345 Monad Terrace.
  • $2.8 million for 5,120 square feet at 1360 Monad Terrace.
  • $9.8 million to Irit Aviv for 3,500 square feet at 1365 Monad Terrace.
  • $4.68 million to Aviv for 8,226 square feet at 1375 Monad Terrace (on the water).
  • $5.23 million to Edmond Laufer’s Exitphoto for 5,120 square feet at 1370 Monad Terrace (on the water).

Stern couldn’t immediately be reached for comment. JDS is a partner with Property Markets Group in both Echo Aventura and Echo Brickell, so perhaps it has something big planned here.

 



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