Miami Condo Market and Lifestyle Updates
Baybakov Purchases All Brickell Tower Condo Units at Twice Their Value

Baybakov Purchases All Brickell Tower Condo Units at Twice Their Value

by Sep Niakan | November 30, 2015

Oleg Baybakov, a Russian mining oligarch, offered the owners of a Brickell condo tower twice as much as the property is worth. An offer they, of course, swiftly accepted.

Miami Waterfront Ventures LLC, Baybakov’s company, intends to destroy the 11-story 25 Bay Tower and replace it with a luxury 48-story condo tower at the 175 Southeast 25th Road plot.

In a move that belongs in cinema, Baybakov handed each owner of the condo units an average of $800,000 in sealed envelopes. The average initial condo price was about $400,000. There are 61 units in the building with 56 owners. Of those, 48 sold their units immediately. The rest, however, gave in a few months later. In total, Baybakov purchased the building for $48 million.

There is only one resident who does not wish to sell. Unfortunately for him, according to a buyout clause of the contract that Miami Waterfront Ventures agrees to, the last resident has 30 days to accept an offer. Otherwise an arbitrator will determine a value that is reasonable for the condo and a sale will be forced.

 

Source: thenextmiami.com

Photo credit: thenextmiami.com

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