The foreclosed Miami Beach real estate project, Cypress Bay condominiums in South Beach have been taken over by LeaseFlorida, a Miami Lakes based company.
A LeaseFlorida affiliate purchased the defaulted mortgage and took title to the unfinished Miami Beach reaql estate project at a Febuary 1 foreclosure sale, following Compass Bank’s $4 million foreclosure judgment against Cypress Bay Development. Alan I. Waserstein along with his brothers own LeaseFlorida and said he bought the note at a considerable discount to the judgment amount.
Over the past year, LeaseFlorida has been involved in several distressed property buys, including the Miami Beach real estate property, 63 NoBe Condominium in Miami Beach.
Waserstein said he plans to finish building Cypress Bay, and then determine whether to sell it as Miami condos or Miami Beach apartment rentals. The waterfront building is approved for five stories with 20 units at 1225-1237 20th St., but only two stories are out of the ground.
“We want to concentrate on the better neighborhoods of Miami Beach.”; Waserstein said and it should take $6 million and up to eight months to complete Cypress Bay.
Contributed by MLR Realty
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