80M Empire World Towers Site Sale Closes

Dated: 11/14/2014

Views: 348

The anticipated $80 million sale of the former Empire World Towers site to a company linked to developer Property Markets Group officially closed.

PMG-CH Downtown Developers was the highest bidder for the two acres at 300 and 330 Biscayne Boulevard in downtown Miami, according to written announcements from real estate firm HFF and one of the law firms involved in the transaction.
The seller was a trust established for the benefit of CDR Creances S.A.S. The site is approved for the development of what would be the tallest two East Coast buildings south of Manhattan at 93 stories apiece. The buying company received a $49 million mortgage from a group of lenders managed by Fortress Credit Co. LLC of New York, according to Miami-Dade County records.
Jailed father-and-son developers Mauricio Cohen Assor and Leon Cohen-Levy planned to construct Empire World Towers before last decade’s real estate crash. The project was halted after the Cohens were hit with tax evasion charges and sentenced to prison. HFF managing director Jaret Turkell, senior managing director Hermen Rodriguez, executive managing director Manuel de Zarraga and associate director Scott Wadler led the team marketing the site for sale. Attorneys Marcos Daniel Jimenez and Gregg Fierman of McDermott, Will & Emery represented CDR in the sale and related litigation. Luis Flores and Rebecca Sarelson of Arnstein & Lehr represented PMG. — Eric Kalis
Blog author image

Angelo F. Terrizzi Jr.

I am a New England native, born and raised in the Boston area. Growing up, I was always involved with extra-curricular activities through school and church. I spent 30+ years in Business and later in ....

Want to Advertise on this Site?

Latest Blog Posts

Selling A Home

Selling a home can be a difficult task for even the most seasoned of sellers. There is so much that goes into the process of placing a property on the housing market. First, the owner needs to get

Read More

Dear Homebuyers Please Stop Thinking You Need 20 Percent Down

NEW YORK – Feb. 18, 2019 – First-time buyer surveys consistently show the top hurdle to homeownership is saving up for the downpayment. But potential home shoppers may be misunderstanding the

Read More

Green Building At All Time High In Nations Largest Metros

LOS ANGELES – Aug 24, 2018 – The nation's largest cities are getting greener, according to the fifth annual U.S. Green Building Adoption Index by CBRE and Maastricht University.

Read More

Easy Deep Cleaning Tips

These are great hacks to cut your time and energy in half. Soap Scum in the Tub - Cut this backbreaking effort in half by attaching a scrubber to a power drill and using it to do the scrubbing for

Read More