Oleg Baybakov
Russian oligarch Oleg Baybakov added another piece to his property assemblage in Miami’s Brickell area, The Real Deal has learned.
Baybakov’s Watson Investigations paid $7 million for a small restaurant building at 842 Southeast First Avenue, which is adjacent to the nearly 34,000-square-foot site the company purchased through bankruptcy court in July 2013, according to Miami-Dade County records. The 2,819-square-foot building is currently occupied by Chicken Kitchen.
Ambassa Holdings sold the 8,000-square-foot property to Watson. The North Miami-based company paid about $1.9 million for the parcel in December 2004.
The transaction closed on April 30 and was recorded by the county on May 2.
A separate “agreement not to encumber or transfer property” was filed by Watson and DDH Investments, which is tied to Ugo Colombo’s CMC Group. DDH is identified in the filing as Watson’s lender, but no financing was recorded with the 842 Southeast First Avenue sale.
Baybakov is also aggressively assembling land in the Edgewater neighborhood. His 700 Edgewater Development spent more than $37 million in six transactions over the last three months.