JP Roosevelt LLC, managed by New York attorney Brian Itzkowitz, have paid $31 million for a 1.08-acre development site at 340 W. 42nd Street and 4100 to 4120 Pine Tree Drive in Miami Beach. As part of the deal the buyer will assume an $8 million mortgage from Centennial Bank that the seller originally took out in 2015. The property has already been approved for a 49 unit multifamily project designed by Arquitectonica which will have seven townhouses and 42 condos. The 88,116 square foot building will also feature a pool, spa deck and parking for 131 cars.
