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.



Photo credit:

Recent posts

Opinions and Advice

Miami Pre-Construction Frequently Asked Questions

by Sep Niakan | May 22, 2017

How much is the fee to have a knowledgeable and licensed Miami real estate broker help me select the right property? How much of my money does developer use during construction? What are the penalties if I decide to cancel my pre-construction...

Opinions and Advice

Comprehensive Guide to Buying a Pre-construction Property or Condo in Miami

by Sep Niakan | May 22, 2017

Why You Need to Read This Miami Pre-construction Condo Guide Miami Pre-Construction Phases How to Negotiate the Best Miami Pre-Construction Deal How to Finance Pre-Construction Property Closing Costs for Pre-Construction...


Save the Date for these Stellar June Events in Miami

by Sep Niakan | May 20, 2017

With summer here, Miami turns up the heat with the hottest events lining up for the month of June. You can find a new way to spend each day, whether it's catching up on international cinema, going on a food-eating spree, or peering over the...


The Top Ten Highest-Rated Restaurants in Miami

by Sep Niakan | May 14, 2017

It’s no secret how Miami’s local food scene is going global with innovative restaurants populating the landscape. We’ve got locals to tourists and even celebrities raving about how Magic City's culinary scene has grown leaps...