435 NE 23rd Street and Arthur Porosoff (Credit: Google Maps, Marcus & Millichap)
Marcus & Millichap broker Arthur Porosoff just paid $7.55 million for an older apartment building in Edgewater with plans to renovate the property and raise rents.
Drew Leeman of Leeman Properties sold the 42-unit, six-story building at 435 Northeast 23rd Street, he said. The off-market deal breaks down to about $180,000 per apartment.
Leeman was approached by Porosoff and said he sold the 23 Palms building “because it was an unbelievable price.” Records show the property was developed in 1972. It’s four parcels west of Biscayne Bay.
“Nothing is selling in that area at the moment,” he added.
The site is south of Missoni Baia, which broke ground last month. Russian billionaire Vladislav Doronin’s OKO Group plans to close on a construction loan for the 57-story, 249-unit tower soon.
Porosoff could not immediately be reached for comment.
from The Real Deal Miami https://therealdeal.com/miami/2017/11/02/miami-broker-buys-edgewater-rentals-near-the-bay/
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