The Boymelgreens secured a $35.5 million construction loan for their boutique condo development project in Mid-Miami Beach, The real deal has learned.
JP Roosevelt, an entity led by Sarah, Menachem and Levi Boymelgreen, secured funding from BridgeCity Capital. The developer plans to open the eight-story, 50-unit project, called 42 Pine, at 340 West 42nd Street this month, according to a press release.
Brooklyn-based BridgeCity, which bills itself as the “millennium market for home equity,” is led by CEO Allan Lebovits. The company has made loans to projects in Fort Lauderdale and Miami Beach, according to its website.
The non-waterfront development is 50% pre-sold after sales launch in late April to friends and family, the statement said. Douglas Elliman’s agent, Mushka Jacobson, leads the sales. Prices range from $700,000 to $4 million for penthouses.
It is expected to be completed by the end of 2023. The development is one of, if not the only, new condo projects planned for the Nautilus neighborhood of Mid-Miami Beach, where home sales have skyrocketed for the pandemic.
Arquitectonica designs the building. Units will have one to three bedrooms, with 700 square feet to 2,700 square feet for combined units. Facilities will include a fitness center, club and game room, media lounge, children’s playroom, swimming pool, spa, cabanas and a yoga and meditation lawn, according to the statement. Units will feature kosher gourmet kitchens with Wolf and Subzero appliances, hardwood floors, marble countertops and glass-enclosed terraces.
The 0.8 acre development site borders Pine Tree Drive to the east and Meridian Avenue to the west. JP Roosevelt of the Boymelgreens also owns an adjacent office building facing 41st Street, which will remain.
Sarah Boymelgreen is married to Shaya Boymelgreen, an Israeli-born New York developer who has expanded her portfolio in South Florida. In the early 2000s, he partnered with diamond billionaire Lev Leviev, although the partnership was later disbanded. More recently, in 2016, the New York Attorney General imposed a two-year ban on Boymelgreen from offering and selling securities, including condos.
Elsewhere in South Florida, Boymelgreen in March secured a $30 million construction loan for a hotel in Surfside. Boymelgreen had planned to build a luxury residential complex with 68 townhouses and secured a $23.5 million loan for the project in 2018, but is currently building a hotel.