MIAMI, FL--For the second consecutive year, HSBC Bank USA’s Buffalo, N.Y. office has taken back a block of more than 500 new residential units from a borrower in Greater Downtown Miami, according to a new report from CondoVultures.com. A year ago in the second quarter of 2010, a Florida entity controlled from a principal address on the 27th floor of the bank's 40-story One HSBC Center in Downtown Buffalo took title to nearly 870 units and one million square feet of salable space in two towers at the ICON Brickell complex (top left photo) in Greater Downtown Miami, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Miami™.
At the time, the value attributed to the residential units located in the Brickell Avenue Area neighborhood was nearly $344 million, according to Miami-Dade County records.
Earlier this month beginning on July 1, a series of newly created Florida entities controlled from the bank's same principal address on the 27th floor of the One HSBC Center (lower right photo)in Downtown Buffalo took title to 531 new residential units in the Midtown Miami complex in the Biscayne Boulevard Corridor of Greater Downtown Miami, according to Miami-Dade County and Florida Secretary of State records.
In this latest transaction, the HSBC Bank USA-controlled entities took title to more than 573,000 square feet of salable space under three separate Florida corporate entities, according to Miami-Dade County records.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.
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