Miami Waterfront Ventures has purchased the 11 story 25 Bay Tower condo building in Brickell for just under $48 million. Built in 1971 on a one-acre site on Biscayne Bay, the property is located at 175 S.E. 25th Road. The 60-unit building traded for $800,000 per unit. The developer will raze the current structure to build a 48 story luxury condominium on the property. CBRE’s Gerard Yetming and Calum Weaver, along with Cary Cohen of Flagler Real Estate Services LLC, negotiated with individual owners on behalf of the buyer.
“We were able to get every owner to agree to sell which is very nearly impossible to do,” said CBRE Senior Vice President Gerard Yetming. “But the scarcity of waterfront product in Brickell, the incredible views from the site, and the fact that this building has much lower density than what is allowable, made this an excellent prospect for repositioning as a luxury project and worth the investment of time and energy.”
