1219 N. Atlantic Avenue, Lantana

An 11,000-square-foot waterfront mansion on the northern point of Hypoluxo Island in Palm Beach County  sold twice in December — up $250,000 in six days.

Two deeds filed Dec. 31, 2014 in Palm Beach County official records show that the  home in the 1200 block of North Atlantic Drive in Lantana was sold on Christmas Eve by its Michigan-based owners for $4.75 million. On Dec. 30, it sold again for $5 million, according to a published report.

The property appraiser’s office shows the home was built in 1999 and owned since July 2001 by Gross Pointe, Michigan, residents John Jagger and Mary Beth Jagger. Mary Beth Jagger once owned a portion of the Denver Broncos, according to the Denver Post. The couple bought the home for $4.3 million in 2001, according to the Palm Beach Post.

The Dec. 30, 2014 purchaser is listed as Francis James Carey, III.

“This is a gorgeous property with some of the best views looking west and up the Intracoastal,” said Fite Shavell and Associates Realtor Jack Elkins, who represented the buyer and seller in the first transaction, told the Palm Beach Post. “The house probably should have sold for $6.5 million.”

According to the sales listing, the European-inspired estate has six bedrooms, 260 feet of water frontage, a two-story guest house and a gourmet kitchen. [Palm Beach Post] — Ina Cordle  

BBX Capital Real Estate joint venture in Delray Beach

1. BBX Capital Real Estate building a development pipeline across South Florida [Sun Sentinel]
2. Luxury condos with private pools [Wall Street Journal]
3. Two downtown rail crossings set to close for All Aboard Florida [Palm Beach Post]

— Katherine Kallergis

Don Peebles

A former top executive at the Peebles Corporation is suing his erstwhile employer, claiming that CEO Don Peebles personally reneged on a promise to compensate him with ownership interests in properties including 346 Broadway, and ultimately fired him to avoid the sharing agreement.

In a lawsuit filed Wednesday in New York Supreme Court, Daniel Newhouse, a former director of development and investments at the Peebles Corporation, claims that Don Peebles assured him of a 5 percent ownership interest in properties for which he provided execution services. These included Tribeca’s landmarked 346 Broadway, which Peebles bought for $160 million on an RFP from New York City and is developing into a hotel and condominiums in a joint venture with Israeli real estate company the Elad Group.

Though Peebles has now closed the company’s interest in the joint venture and made $60 million on the project, he has refused to pay Newhouse his 5 percent, which would amount to $3 million, Newhouse states in the complaint.

Additionally, Newhouse says he is entitled to a portion of the company’s re-invested interest in the project, which he claims could see Peebles make up to $170 million.

Newhouse claims to have been the driving force on 346 Broadway, having recommended the purchase of the property, determined the RFP strategy, sourced all consultants and contractors on the project, and acted as the public face of the project at all hearings.

Rather than disputing the existence of their arrangement, which never took the shape of a formal contract, Newhouse says that Peebles considered his potential profit of millions to be a “windfall,” and therefore backed out, saying that Newhouse’s initial offer letter inoculates the company from any further obligations. When Peebles finally did present a written agreement, it offered a mere 1 percent interest.

Because Newhouse refused to accept this “sham agreement,” he was terminated in Jan. 2014, according to the complaint. Shortly afterward, Peebles hired Tawan Davis, the main negotiator for the city in the 346 Broadway deal.

Peebles hired Newhouse in May 2011 at a starting salary of $72,000, increasing his salary to $115,000 and eventually $150,000 and promoting him to director of development and investments, according to the complaint. Newhouse moved to New York to act as Peebles’ second-in-command in a start-up office in the city with only one other employee, an administrative assistant.

“Defendants induced plaintiff to accept a modest salary with consistent promises of an ownership interest,” the complaint states.

Though Peebles repeatedly goaded Newhouse with promises that they would make a fortune as partners, Newhouse was never paid anything beyond his salary, the complaint alleges.

Newhouse is represented by Richard E. Haftel of Haftel & Silverman PC. His counsel did not immediately respond to a request for comment.

Peebles was not immediately available to comment.

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Florida had a foreclosure inventory percentage of 4.1 percent.

Florida has the second highest percentage of foreclosures and mortgage delinquencies in the country, despite a significant drop nationally from a year ago.

New Jersey leads with both and New York follows Florida, which had a foreclosure inventory percentage of 4.1 percent and a projected highest delinquency rate of 5.27, the New York Times reported.

The foreclosure inventory made up 1.6 percent of all mortgaged homes nationally. The national delinquency rate has fallen steadily since its peak in 2010 at nearly 7 percent, according to the Times.

About 17 percent of all homeowners are still upside down on their mortgages, according Zillow’s third-quarter negative equity report — down from 21 percent in the third quarter of 2013, and 31 percent in 2012. [New York Times] — Katherine Kallergis

Walmart Neighborhood Market in Hialeah Gardens

Plans for a Walmart Neighborhood Market store have many residents speaking out against developers.

The North Miami planning commission will meet Tuesday evening to discuss the proposed Walmart in a mostly vacant lot off of Northeast 135th Street between Memorial Highway and Northeast Third Court.

Most of the land is zoned for commercial use, the Miami Herald reported. The developer, Retrosource, hopes to zone the residential area as well. Petitions have circulated asking the city council to deny the zoning change.

North Miami councilman Philippe Bien-Aime will reportedly host a town hall meeting to discuss the plan, among other projects, Monday night at 7 p.m. He described the proposed site as a very important area and opposes the plan as presented, the Herald reported. [Miami Herald] — Katherine Kallergis

ArtSquare land

The Hallandale Beach City Commission will vote on whether to approve a mixed-use project this Wednesday.

Hallandale ArtSquare, which includes 358 multi-family units, 12,755 square feet of retail and commercial space and 328 parking spaces, would be located at 301 to 409 North Federal Highway, according to a published report.

The units would break down to 132 single-bedroom, 209 two-bedroom, 17 three-bedroom units and eight work spaces.

The developer, Hallandale Land Ventures, paid $8.5 million for the 7.5-acre site in 2014, the South Florida Business Journal reported. Hallandale Land Ventures is affiliated with Miami-based Integra Investments. [South Florida Business Journal] — Katherine Kallergis

Peter Zalewski of CondoVultures

South Florida’s pre-construction condo market will be converting to reality in 2015, with more than 65 new towers with nearly 6,400 units scheduled to be completed east of Interstate 95 in the tri-county region this year.

The new condo projects scheduled to be delivered in 2015 are a fivefold increase from the 20 towers with less than 1,200 units that have been completed in Miami-Dade, Broward and Palm Beach counties since the current real estate cycle began in 2011, according to the pre-construction condo projects website CraneSpotters.com, Peter Zalewski wrote in the Miami Herald. (His firm operates the website CraneSpotters.com.)

After this year, developers in South Florida are scheduled to complete 56 new towers with more than 6,700 new units in 2016; 30 new towers with nearly 5,000 units in 2017 and seven new towers with about 1,800 units in 2018. Miami-Dade County will receive the glut of new condos.

More than 50 new condo towers with nearly 5,400 units are scheduled to be completed in Miami-Dade in 2015. In 2016 developers are planning to deliver 30 new towers with more than 5,000 units, about 18 new towers with nearly 4,400 units in 2017 and five new towers with about 1,700 units in 2018.

In Broward County, developers are scheduled to build 15 new towers with more than 1,000 new units in 2015, 15 new towers with nearly 1,100 units in 2016 and a dozen new towers with about 565 units in 2017. Developers are planning to deliver seven new towers with 1,600 condo units in Broward in 2022. [Miami Herald] — Ina Cordle

Roger Dean stadium in Palm Beach

West Palm Beach’s mayor on Monday announced that the city will negotiate a possible land swap with Palm Beach County for a new baseball spring training complex.

Mayor Jeri Muoio’s announcement, at a press conference outside West Palm Beach’s City Hall, reverses the city’s previous stance. The city had steadfastly maintained it would not trade land with the county for the $135 million baseball project, according to the Palm Beach Post.

It’s a major step forward in the Washington Nationals and Houston Astros’ joint effort to build a shared complex on 160 acres south of 45th Street, between Haverhill Road and Military Trail. The teams want to break ground this spring.

But the county has to own the land first, and that can only happen if the land swap is ultimately approved, the Palm Beach Post reported. For the 160 acres, the county would give the city nearly two acres of county-owned land downtown near the train station.

The County Commission on Oct. 21 agreed to allocate $108 million in revenue from the county’s hotel tax to help finance a spring training baseball facility on the condition the teams find a location for the project within the next 90 days. Last month, the commission voted to seek negotiations with West Palm Beach on the land swap.

The county is trying to lure additional teams to the area to prevent the four existing teams along the east coast from leaving. The Miami Marlins and St. Louis Cardinals train at Roger Dean Stadium in Jupiter. The New York Mets train in Port St. Lucie. The Nationals train in Viera.

West Palm Beach last hosted spring training in 1997 at West Palm Beach Municipal Stadium, home to the Atlanta Braves and Montreal Expos. In 1998, the Braves moved to Orlando and the Expos moved to Roger Dean Stadium. [Palm Beach Post] — Ina Cordle

KTR Capital Partners Hollywood portfolio, inset KTR CFO J. Peter Lloyd

Affiliates of KTR Capital Partners received a $122 million mortgage for its Dania Beach and Hollywood portfolio of commercial space, according to Broward County records. 

Morgan Stanley Bank, General Electric Capital Bank and General Electric Capital Corp. are the lenders in the multi-state mortgage, which was granted on Dec. 23, 2014. KTR CFO J. Peter Lloyd signed the mortgage, records show.

The loan applies to the following properties in KTR’s portfolio: 1901 to 1991 Tigertail Boulevard, 5555 Anglers Avenue, 3601 North 29th Avenue, 3850 North 29th Terrace, 5553 Ravenswood Road, 3700 North 29th Avenue and 3401 North 29th Avenue.

When asked, KTR declined to comment on the purpose of the loan.

The properties were purchased for $49.8 million in June 2012. According to KTR Capital’s website, the 2012 transaction totaled 520,722 square feet along Interstate-95. They include a mix of small bay industrial units and showroom buildings. A KTR affiliate recently sold a 28.1-acre property in Deerfield Beach for $51 million.

More than 40 acres of nearby land were sold to Dania Live for $29 million in December 2014. Those developers plan to build an open-air shopping center with big box stores, restaurants, a hotel and apartments. 

Clockwise from left: EDITION rendering, Poonam Khubani, Stanley and Nathalie Doobin, and Jon Rappoport

An eclectic mix of local, out-of-state and foreign buyers, including a Bollywood star, a New York City power couple and a Boca Raton collections agency mogul, have purchased 53 percent of the 26 luxury condos designed by John Pawson at the Miami Beach EDITION hotel. Buyers began picking up units in hotelier Ian Schrager’s latest vision for ultra-exclusive luxury living in October, three months ahead of the EDITION’s soft opening during Art Basel week.

Schrager teamed up with Marriott to redevelop the former site of the Seville Hotel at 2901 Collins Avenue. The condos are located in a newly built 18-story tower adjacent to a landmarked building from the 1950s with 294 hotel rooms. The residences and hotel have separate doors, with the condos also having an anonymous “celebrity” entrance.

According to Miami-Dade county public records, the buyers are:

Stanley K. and Nathalie R. Doobin

Stanley K. and Nathalie R. Doobin

He’s the owner, president and CEO of Manhattan-based Harvard Maintenance, a national property management company that produces more than $260 million in annual revenue. She’s the owner, president and CEO of Harvard Service Group, a building services contractor based in Iselin, NJ. The Doobins bought unit 1402 for $5.2 million on December 3 and took out a $2.6 million loan from Bofi Federal Bank to partly finance their purchase.

William S. and Lauren B. Weisman

He’s a partner with Williams, Babbit & Weisman, a corporate collections agency based in Boca Raton. Weisman and his wife purchased unit 1409 for $3 million on November 13. The couple obtained a $1.9 million mortgage from Comerica Bank to partly finance the transaction.

Poonam Khubani

Poonam Khubani

The Bollywood actress, producer and vice-president of infomercial giant Telebrands, purchased unit 1601 for $17.5 million and 1602 for $16.5 million on Dec. 1. The Poonam Khubani Revocable Family Trust also obtained two mortgages from Bank of America for $10 million each to partly finance her EDITION purchases.

Jon Rappaport

Jon Rappaport

A Miami Beach veterinarian who owns eight animal hospitals in South Florida and founded the website petplace.com,  Rappaport paid $4 million for unit 1206 on Dec.11. Rappaport  secured a $1.5 million loan from Wells Fargo Bank to partly finance his purchase.

Dominic Marzano

The co-owner of Pompano Beach-based waste management firm Atlas Recycling bought unit 1403 for $2.4 million on Nov. 25.

MMHKK Properties

An entity located in the Epic Hotel at 270 Biscayne Boulevard Way, MMHK bought unit 1207 for $2.2 million on Dec. 10. Florida corporate records lists Anthony Kristoff as the manager of MMHK and Monica Kristoff and Maria Milagros Hernaez as members.

Garetown USA LLC

A Delaware Corporation listing an address in Geneva, Switzerland, paid $4.75 million for unit 1401 on Dec. 4.

Fondaco USA Corp.

An entity located at 150 Southeast Second Avenue in downtown Miami, Fondaco paid $4 million for unit 1205 on Dec. 4. Florida corporate records list Oscar Marchetto of Oderzo, Italy, as a director of Fondaco.

Sobe EDITION Estates LLC

An entity listing Olga Tsinker of 9111 East Bay Harbour Drive in Bay Harbour Islands as its manager, according to Florida corporate records, purchased unit 1407 for $14 million on Dec. 3.

SB Miami Properties

The entity, which lists Sandra Hoffen of 1001 Brickell Bay Drive in Miami as its manager on state corporate records, purchased unit 1406 for $6.6 million on Nov. 25.

Stephan Lynch

Lynch, whose address is in Moskva, Russia, paid $2 million for unit 1408 on Nov. 14.

Collins Condo Unit 1501 LLC and Collins Condo Unit 1202 LLC

Both entities purchased units 1501 and 1202 for $10.5 million and $8 million, respectively, on Oct. 22. The Collins Condo corporations list Kim Davenport, a psychiatrist from Annadale, Va., as its manager.

150 West Flagler Street and CREC president Carol Brooks

Stearns Weaver Miller Weissler Alhadeff & Sitterson is enlarging its space at Museum Tower, in 2014′s largest office lease deal brokered in downtown Miami.

The law firm will expand by 7,000 square feet to 110,000 square feet at the Class-A office building at 150 West Flagler Street. Financial terms were not disclosed. Previously, the largest downtown office lease of 2014 was for Akerman LLP’s 108,000 square-foot space at Brickell City Centre.

CREC president Carol Brooks andsenior vice president Steven Hurwitz represented Stearns Weaver Miller in the transaction. Gaedeke Group Vice President Kirk Fetter represented the building’s ownership, Gaedeke Holdings Limited.

Stearns Weaver Miller has based its headquarters at Museum Tower since 1987. Over the years, the firm has made extensive improvements to its offices, including creating a full-service courtroom.

“After evaluating buildings in Miami’s urban core, we decided that expanding and upgrading our current space at Museum Tower was the best long-term move for our firm,”  Stearns Weaver Miller Shareholder and Managing Director Rick Schatz said in a statement. “The physical and technological improvements we’ve made over the years, coupled with our Flagler Street location and proximity to the courthouse, puts us in position to remain efficient while serving our clients.”

Southeast Financial Tower at 200 South Biscayne Boulevard

Lawyers for Children is reportedly looking for new office space after working out of downtown Miami’s Southeast Financial Center for about 15 years.

Squire Patton Boggs, a law firm, provided office space for the Miami agency until the law firm consolidated and moved to a higher floor in the building at 200 South Biscayne Boulevard, according to a published report.

Lawyers for Children fielded an offer for temporary offices at Quest Workspaces’ Class A suites at 777 Brickell Avenue.

In the meantime, the nonprofit accepted an offer for temporary space in the Southeast Financial Center, the Daily Business Review reported.

“We don’t need much space,” director Carolyn Salisbury told the Daily Business Review. “We just need a small work area to be able to serve our clients.” [Daily Business Review] — Katherine Kallergis

Accor’s new regional headquarters

Accor, a global hospitality company, opened its North America, Central America and Caribbean headquarters at One Square Park at Doral.

The new offices consolidate the company’s previously independent business units in Dallas and New York City, according to a news release.

Accor, based in Paris, oversees 3,700 hotels in 92 countries, totaling 470,000 rooms across 14 brands.

The company has two divisions: HotelServices, which operates and franchises the hotels and HotelInvest, a hotel owner and investor. Its brands range from luxury to economy and include Sofitel, Novotel and ibis.

The new Accor Miami office will serve as a regional hub, facilitating communication between the North America, Central America and Caribbean region and Accor’s Americas headquarters in Sao Paulo, Brazil, according to an Accor statement.

Earlier this year, Accor North America integrated Mexico, Central America and the Caribbean markets as part of its restructuring process. — Ina Cordle

Rendering of Fendi Château Residences

The Fendi Château Residences in Surfside are now more than 50 percent sold, according to a news release.

Château Group’s 12-story waterfront condo building is located at 9365 Collins Avenue, two blocks south of the Bal Harbour Shops. Now under construction, it has a completion date of June 2016.

“Each residence features an east-to-–west floor plan, allowing every homeowner to enjoy both ocean views and western sunset views over the bay and Intracoastal Waterway, along with the advantage of 300-linear feet of unadulterated beachfront,” said Manuel Gosskopf, chairman and CEO of Château Group in a statement. “All of this is perfectly complemented by chic interiors and amenity spaces curated by FENDI in the same aesthetic that has made them sought-after by the world’s most stylish men and women.”

The 58 condos at Fendi Chateau Residences range in size from 3,300 square feet to more than 7,000 square feet. Prices run from $5 million to $25 million. Each unit includes a Fendi Casa kitchen, or a full chef’s kitchen with custom Fendi Casa cabinets and Gaggenau appliances. — Katherine Kallergis

Jamie Moyle, CEO of RealtyTrac

RealtyTrac said the Keyes Company will be the newest member of its exclusive broker program.

Keyes, one of the largest brokerage firms in the country, has more than 2,200 associates in more than 35 branch offices throughout Miami-Dade, Broward, Palm Beach, St Lucie, Martin and Volusia counties.

The real estate firm will be RealtyTrac’s expert industry source in the South Florida region for RealtyTrac’s media reports, and will be exclusively featured throughout realtytrac.com and homefacts.com, according to a news release.

“We are very excited to be partnering with such a respected industry leader and look forward to working together with The Keyes Company team to better serve the real estate industry and enhance the consumer experience,” RealtyTrac CEO Jamie Moyle said in a statement.

The Keyes Company is a founding member of Leading Real Estate Companies of the World, a global network of more than 500 premier real estate firms with 4,000 offices and more than 120,000 sales associates in 40 countries.

“Partnering with RealtyTrac supports our mission of supplying customers with objective data and research about the housing industry, as well as employing technology that is at the forefront of real estate, which only the most innovative companies have,” said Mike Pappas, president of the Keyes Company, in a statement. “This is truly a perfectly timed offering for our industry fueled by the recovery of the housing market.”  — Ina Cordle 

Opulence International Realty broker Tomi Rose, the Palm Island her client Bryan “Birdman” Williams purchased and Birdman

1. Birdman broke? Cash Money CEO reportedly in debt, bouncing checks, threatening foreclosure on Miami condo [Inquisitr]
2. Retail Notebook: Kate Spade opens in Boca Raton [Sun Sentinel]
3. Homeowner wins appeal against mortgage company [Daily Business Review]
4. West Palm Beach CRA to vote on talks to buy Sunset Lounge [Palm Beach Post]
5. After sale, name change at downtown Miami hotel: former b2 now Yve [Miami Herald]

— Katherine Kallergis

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Rendering of O Residences

A boutique development in Bay Harbor Islands sold 17 percent of its units during December 2014  — all to Brazilian buyers.

Three of the Brazilian buyers were on a real estate buying trip and the remaining four signed on the spot, according to O Residences.

The waterfront residential project with 41 units offers buyers access to a range of boats allowing them to participate in recreational water activities, according to a news release.

S2 developers Claudio Stivelman and Marc Schmulian, said the location is key to the project’s success. Bay Harbor currently has more than 18 planned projects.  — Katherine Kallergis

CoreLogic November Home Prices Index peak-to-current declines map

Home prices rose nationwide in November 2014 by 5.5 percent compared to the same month the previous year.

In Miami, Miami Beach and Kendall, home prices, including distressed sales, increased by 8 percent in November 2014 compared to November 2013, according to CoreLogic’s November 2014 Home Prices Index, released Tuesday.

On a month-over-month basis, home prices in the area increased by 0.7 percent in November 2014 compared to October 2014.

In spite of the year-over-year gains, the changes from peak-to-current pricing remain stark. Nevada led the country with the largest peak-to-current declines, according to the report, with a change of -35.7 percent. Florida followed at -33.4 percent with Arizona, Rhode Island and Connecticut trailing behind.

“The pace of home price gains have slowed as we exit 2014 but this is probably only a temporary lull,” said Anand Nallathambi, president and CEO of CoreLogic, in a news release. “While the CoreLogic HPI Forecast shows a slight dip in prices next month, we believe that prices will be up a year from now as continued economic growth fuels buyer confidence and their willingness to purchase a home and invest in their future.” — Katherine Kallergis