Listing Research
This week, we look closer at an Edgewater property with a notable sales history. Located at 423 NE 27th ST, this property was assembled in 2022 by Groupe City, a French developer, for $14.8 million, which included preliminary plans by renowned architecture firm Arquitectonica.
A Surprising Turn of Events
Despite Groupe City’s initial plans, the property is now up for sale with an asking price of $25 million. The listing can be found on Crexi and is represented by George Vail of Avison Young Miami and Jim Agard of Vendome Capital LLC.
A Snapshot of the Sales History
The property’s sales history is quite captivating. In 2014, it was sold for $2.1 million, then assembled in 2022 for $15 million, and now, it’s being offered in 2023 for $25 million.
A Prime Location with Unique Challenges
Situated just a few feet from Biscayne Bay and adjacent to Icon Bay Park, the property is less than half a mile from Midtown and Pace Park. One of its obstacles is that it’s affected by a 3-foot storm surge, which likely presented an interesting challenge for Arquitectonica.
