1,450 New South Beach Condos Unsold

MIAMI BEACH, FL--Nearly 1,450 of the 5,600 new condominium units developed in Miami Beach's trendy South Beach neighborhood were still unsold as of January, according to a new report from CondoVultures.com.

The unsold units represent 26 percent of the new inventory created since 2003 in 37 condominium projects developed in a 24-block stretch of the barrier island neighborhood.

South Beach is defined as South Pointe Drive north to 24th Street, the Atlantic Ocean west to Biscayne Bay, according to the report produced using the Condo Vultures® Official Condo Buyers Guide To South Beach™.

"South Beach is some of the most expensive real estate in South Florida as the inventory is limited and the demand is infinite given the international exposure the barrier island neighborhood receives," said Peter Zalewski, (bottom right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC

. "Prices have remained surprisingly high in South Beach despite the problems that have plagued the overall South Florida market.

"The strong international demand for sun, surf, and sexiness has made South Beach one of the few South Florida submarkets where developers and lenders are not negotiating to any great extent on price."

Since 2003, developers have successfully closed nearly 4,150 newly created condo units for nearly $3 billion, an amount that works out to an average of $891,000 per unit and $773 per square foot, according to a new Condo Vultures® White Paper™.

Contact:  Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com Don't forget to

24% Of New Condos Unsold In Sunny Isles Beach, FL

BAL HARBOUR, FL--More than 24 percent of the 6,300 new condo units built or converted in the barrier island city of Sunny Isles Beach during the South Florida boom years remain in the hands of developers, according to a new report from CondoVultures.com.

Sunny Isles Beach, an oceanfront city east of Aventura in Northeast Miami-Dade County, is home to the second largest concentration of new condos to be built in South Florida during the go-go days of the last real estate boom.

Today, more than 1,500 units remain unsold and still in the hands of the developers, according to the report produced using the newly released Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

"The Sunny Isles Beach market has experienced many of the same challenges that Greater Downtown Miami - where nearly 23,000 new units were constructed between 2003 and 2010 - is going through," said Peter Zalewski, (bottom right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Much like in Greater Downtown Miami, buyers are willing to purchase today in Sunny Isles Beach but only at the right price. In Greater Downtown Miami, the right price is moving toward $250 per square foot.

"In Sunny Isles Beach, the right price is working out to be about $350 per square foot for a unit in an oceanfront project."

Contact:  Peter Zalewski of Condo Vultures®, 800-750-0517,  email at peter@condovultures.com

Foreclosure Filings Fall 7% In South Florida In January

MIAMI, FL-Lenders initiated seven percent fewer foreclosure actions in South Florida in January 2010 on a year-over-year basis, with total filings slipping for the month below 5,800 in the tricounty region, according to a new report from CondoVultures.com.

By comparison, in January 2009 there were nearly 6,200 foreclosure actions - also known as Lis Pendens or Notices of Default - filed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.

In January 2008, there were nearly 4,100 actions filed, according to a report prepared using the Condo Vultures® Foreclosure Database™.

"President Obama's loan modification program to keep people in their homes combined with a newfound willingness of lenders to work with borrowers appears to be slowing South Florida's foreclosure spiral downward," said Peter Zalewski, (top right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "It is unclear if this sudden decrease in foreclosure actions in South Florida is a trend or just an anomaly due in part to the December holidays. If this does prove to be a trend, that would mean South Florida may not eclipse the psychological threshold of 100,000 foreclosure actions in a year."

Zalewski is scheduled to discuss South Florida's foreclosure trends in 2010 along with banking analyst Ken Thomas, (bottom right photo) who is a lecturer at the University of Pennsylvania's Wharton Business School, at the upcoming Condo Vultures® seminar scheduled for Feb. 16 at the Miami Marriott Biscayne Bay Hotel just north of Downtown Miami.

Contact:  Peter Zalewski, Condo Vultures®,  800-750-0517, peter@condovultures.com

3rd Land Deal In 30 Days Closes In Greater Downtown Miami

MIAMI, FL, Jan. 22, 2010--A South Florida private equity group has purchased a 1.2-acre condo highrise development site in Greater Downtown Miami's Brickell Avenue area for $159 per square foot, representing a 15 percent discount off the current assessed value, according to a new report from CondoVultures.com.

The buyer, South Miami Avenue LLC, paid $8.35 million for six lots totaling 52,584 square feet of developable land at 1300 S. Miami Ave. that was earmarked to accommodate the proposed Infinity II condominium, according to the CondoVultures.com report based on Miami-Dade County records.

After acquiring the land on Jan. 12, the buyer satisfied a $12 million land loan on Jan. 19 that had been taken out against the property by the seller, Infinity II At Brickell LLC. Terms of the land loan satisfaction are not known.

The first Infinity condominium, (top left photo)  a 56-story tower with 459-units, stands immediately west of the Infinity II developable site that was acquired. In fact, a two-story former bank branch with 4,927 square feet of office space that stands on the Infinity II site is used as the sales center for the first Infinity condo tower.

"This is the third land sale to occur in the Greater Downtown Miami market in the last 30 days," said Peter Zalewski, (middle  right photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The pricing has ranged from as little as $53 per square foot to as much as $159 per square foot for the dirt. Interestingly enough, all of the buyers own or have previously owned in South Florida."

For instance, South Miami Avenue LLC is a Delaware company controlled by Coral Gables developer Alex Vadia, according to the Miami Daily Business Review.

Another Coral Gables group, Benzol Properties Corp with principals Bernard Herskowitz and Jerome Herskowitz, paid $53 per square foot for three lots in a rectangular shape on the south bank of the Miami River at 99 SW 6th St., according to a recent report from CondoVultures.com.

The Miami River site closed on Jan. 5, 2010, at a 52 percent discount off of the current assessed value, according to government records.

On Dec. 30, 2009, the Related Group, South Florida's largest condominium developer, unloaded a Downtown Miami development site for the proposed Loft III high-rise condominium tower (middle left photo)  at $151 per square foot to a local landowner who immediate resold the land to Miami-Dade College.

The Related Group's sold the property at a discount of at least 33 percent below the original purchase price, according to a recent report from CondoVultures.com.

The recent development site acquisitions come at a time when individual and bulk buyers are purchasing new condos at a pace of nearly 200 per month in Greater Downtown Miami, according to a recent Condo Vultures® White Paper.

Greater Downtown Miami is defined as a 60-block stretch from the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay. Greater Downtown Miami is comprised of the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor.

In Greater Downtown Miami, there have been 15 bulk deals (two of the transactions were note sales with no deeds conveyed) since July 2008. Bulk buyers have paid $181 per square foot for more than 900 units and about 1.1 million square feet of livable space, according to the Condo Vultures® Bulk Deals Database™.

Less than 7,300 new condo units are still in the hands of developers of a pool of nearly 23,000 units constructed in Greater Downtown Miami since 2003. At the end of the 2008, developers were in possession of more than 9,300 new condo units, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

Contact:  Peter Zalewski, Principal, Condo Vultures® LLC, Office: 305-865-5629, Cell: 305-321-7383, eFax: 1-305-832-0311, Peter@CondoVultures.com,  http://www.condovultures.com/

Related Group Sells High-Rise Condo Site In Downtown Miami

MIAMI, FL--The Related Group, South Florida's largest condominium developer, has unloaded a Downtown Miami development site for a proposed high-rise condominium tower at a discount of at least 33 percent below the original purchase price, according to a new report from CondoVultures.com.

The Related Group's TRG - Downtown Loft III Ltd. with five principals including Jorge Perez, (top right photo)  sold three lots with a combined 28,500 square feet of developable land for $4.3 million, or $151 per square foot, in a deal recorded Dec. 30, 2009. Matthew J. Allen, the Related Group's executive vice president and chief operating officer, signed the deed, according to Miami-Dade County records.

Contact:  Peter Zalewski of Condo Vultures®,  800-750-0517 or by email at peter@condovultures.com

2,350 New Condos Sell In Downtown Miami In 2009

MIAMI, FL--Buyers purchased 700 new condos from developers in Greater Downtown Miami - the epicenter of South Florida's housing crash - in the fourth quarter, increasing the total number of transactions for the year of 2009 to more than 2,350 units, according to a new White Paper report from CondoVultures.com.

Before any talk of a bottom in Greater Downtown Miami can begin, it is important to consider that the fourth quarter new condo purchases represent a 27 percent decrease on a quarter-over-quarter basis compared to the 955 closings in the third quarter of 2009, according to the CondoVultures.com report.

In the first half of the year, there were 246 new condo closings in the second quarter and 465 new condo closings in the first quarter in Greater Downtown Miami, according to the report.

"Buyers, primarily with cash, purchased an average of 6.5 new condo units per day from developers in 2009," said Peter Zalewski, (top left photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The buying activity really picked up velocity in the second half of the year once retail condo prices were slashed by lenders from $300 per square foot down to $200 per square foot, which is in many cases below the replacement cost of the finished product.

"The new prices triggered a buying frenzy by foreign nationals with strong currencies and private equity groups that finally began to purchase, completing a dozen condo bulk deals in the Brickell Avenue Area, Downtown Miami, and the Biscayne Boulevard Corridor in 2009."

Zalewski said it is unclear how much of an effect the lack of condo financing in Greater Downtown Miami had on the final transaction totals for 2009.

Contact:  Peter Zalewski, Condo Vultures®, 800-750-0517 or peter@condovultures.com

South Florida Foreclosure Filings Top 97,000 In 2009

MIAMI, FL--More than 97,000 foreclosure filings were initiated in 2009 in the tricounty South Florida region, representing a 29 percent increase compared to nearly 76,000 actions in 2008, according to a new report from CondoVultures.com.

By comparison, in 2007 there were more than 32,000 foreclosure filings - also known as a Lis Pendens or a notice of default - initiated against properties in Miami-Dade, Broward, and Palm Beach counties, according to the report produced using the Condo Vultures® Foreclosure Database™.

"As projected, the number of foreclosure filings in South Florida failed to eclipse the 100,000 threshold," said Peter Zalewski, (top left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"At the end of the second quarter of 2009, the region was on pace for more than 100,000 foreclosure actions. That momentum slowed just enough in the third and fourth quarters, allowing the region to fall just short of the psychologically significant mark.

"The newfound willingness of lenders to suddenly work with borrowers to modify mortgages or approve short sales has undoubtedly had an effect on the number of foreclosure filings in South Florida."

Contact: Peter Zalewski,  800-750-0517 or by email at peter@condovultures.com

Fannie Mae Unloads 1,200 South Florida Properties in 2009

MIAMI, FL--Fannie Mae, the public-private secondary market mortgage giant, sold off more than 1,200 properties on an individual basis in the tricounty South Florida region in 2009, representing a 472 percent increase in transactions compared to 2008, according to a new report from CondoVultures.com.

An additional 1,100 properties are currently available for purchase in the Miami-Dade, Broward, and Palm Beach counties, according to the CondoVultures report.

The spike in closed transactions and available inventory for purchase comes some 16 months after Fannie Mae opened an office in Fort Lauderdale to work with borrowers to modify their mortgages or sell off properties that have been repossessed through foreclosure.

"Fannie Mae is capitulating one property at a time," said Peter Zalewski, (top left photo) a principal with the Bal Harbour, Fla.-based real estate consultancy and brokerage Condo Vultures® LLC.

 "The recorded deeds and available inventory for resale prove that Fannie Mae's South Florida office is working diligently to deal with the mountains of bad assets that the mortgage backed securities giant has in South Florida.

"Given the U.S. government's financial commitment to Fannie Mae, we expect Fannie Mae to increase the number of repossessed properties that it sells off in 2010."

Contact:  Peter Zalewski, 1-800-750-0517, peter@condovultures.com

Condo and Apartment Market Roundup

· Bargain hunters scoop up discounted units in Southwest Florida.


· South Beach, FL a sellers’ market as inventory shrinks sharply.


· Atlanta buyer pays $31M for 37-year-old Sunny Isles Beach, FL apartment complex.


· Non-gaming Planet Hollywood Towers Westgate opens in Las Vegas.


· Providence, RI mayor buys into struggling condo project to save local market.

· Canadians buy 78 units at stalled condo conversion in East Phoenix, AZ.


· Summit at Copper Square owners in Phoenix fight to stop lender from foreclosing 74 remaining unsold units

(SARASOTA, FL)—Deeply discounted prices have turned Southwest Florida markets into a buying frenzy, according to local brokers.

The median price in the Sarasota-Bradenton hub was down 20 percent from a year ago to $141,000 in November. In Punta Gorda-North Port, the media dipped 22 percent to $80,000.

Sarasota broker Perry J. Corneau (top left) tells the Sarasota Herald-Tribune, “A lot of people have been wanting to buy – they were just waiting for the price to come down.

“Now they are down to 2003 levels, where they were before the boom started – and people are thinking they don’t need to wait any more. Everything is on sale.”

Sales are also hot throughout the state. November sales in Orlando were up 301 percent; in Fort Myers-Cape Coral, up 174 percent; in Tallahassee, up 150 percent; and in Tampa Bay, up 80 percent.

But closing on a bargain-basement deal isn’t easy, cautions broker Charles H. “Charlie” Bray (top right photo)  of Surfside Realty in Englewood, FL.

“Right now, you’ve got to have cash to buy a condo,” he tells the Sarasota Herald-Tribune. “If you go to a bank, they will put you through the ringer.”

(MIAMI BEACH, FL)—The re-sale market in South Beach is shrinking.

Less than two percent of the South Beach inventory in condo projects with at least 30 units are available for resale in Miami Beach's internationally acclaimed neighborhood, far less than the industry standard of 10 percent typically found in a normal market, according to a new report from CondoVultures.com.

There are currently 258 units available for resale in the 25-block stretch of South Beach from South Pointe Drive north to 24th Street, the Atlantic Ocean west to Biscayne Bay.

The area is home to nearly 16,400 units located in 147 projects with at least 30 units, according to the newly released Condo Vultures® Official Condo Buyers Guide To South Beach™.

"The rule of thumb is, in a normal market some 10 percent of the units in a project are available for resale at any given time," says Peter Zalewski, (middle left photo)  a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"If a condo has more than 10 percent of its units available for resale, the buyers have the negotiating advantage. On the flip side, if less than 10 percent of the units are listed for resale, the sellers have the advantage.”

Zalewski adds, "South Beach is definitely a seller's market considering the current inventory levels available for resale. By comparison, several other areas in South Florida have resale rates of 20-percent plus of the available condo inventory."

(SUNNY ISLES BEACH, FL)-- CondoVultures.com reports an Atlanta group has acquired Vistaview Apartments, (middle left photo) a 37-year-old, 308-unit complex in the barrier island city of Sunny Isles Beach for $31.3 million or $92 per square foot.

The newly created entity, JTCI5 Sunny Isles LP, along with Matt M. Bronfman, (middle right photo) acquired nearly 340,000 square feet of livable space in the four-building complex situated on seven acres, according to the CondoVultures.com report based on Miami-Dade County records.

"This is a four-decades old property on a great piece of dirt situated between luxury high rise condominiums, retail space, and high-end rental complexes," notes Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

"The fact that the project is an apartment complex and not a condominium makes this an interesting situation for a number of reasons."

More than 18,000 condominium units -- including a new tower still under construction today -- exist in the Sunny Isles Beach submarket of Miami-Dade County, according to preliminary research for the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™.

The seller, Vistaview Apartments Limited with Yizhak Toledano of Aventura, deeded over the complex on Dec. 16, 2009. Toledano signed the deed, according to Miam-Dade County records.

In unison with the deed transfer, Utah-based Capmark Bank assigned the remaining outstanding balance of a $48.7 million loan secured by the complex over to Vista Sunvest LLC of Wilmington, Del.

Capmark Bank provided the loan in November 2007, but just 20 months later in July 2009 filed to foreclose on Vistaview Apartments, according to Miami-Dade County records.

The Vistaview Apartments have a 2009 assessed value of $31.5 million with $18.6 million, or $61 per square foot, allocated to the land, and $12.9 million, or $38 per square foot, allocated to the value of the 1972 buildings.

In 2008, the property had an assessed value of $29.8 million, according to the Miami-Dade County Property Appraiser.

(LAS VEGAS, NV)—When a non-gaming residential and hotel high-rise opens in Las Vegas, that’s news, say local brokerage sources.

The first phase of the planned two-tower, 52-story, 2,700-unit Planet Hollywood Towers by Westgate(middle right photo) has welcomed its first 20 owners who plan to use the premises as vacation homes and traditional hotel rooms, according to Westgate Resorts chief operating officer Mark Waltrip.

The top five stories of the first tower consist of 40 penthouse units sized from 4,000 square feet to 12,000 square feet. Eighty percent of the tower will be used as hotel rooms, Waltrip says.

The condo-hotel project’s partners are Planet Hollywood and Orlando-based Westgate Resorts. Westgate owns the property; Planet Hollywood is the marketing and operating partner.

(PROVIDENCE, RI)—Providence, RI mayor Joseph R. Paolino Jr., (bottom right photo)  who is also the general partner of Paolino Properties, has teamed with Boston-based Winn Development Co. to purchase the remaining 233 unsold condos at the five-year-old, 330-unit 903 Residences. (bottom left photo)

The transaction saved the property from going to a foreclosure auction the same week, according to the Providence Business News. The Athena Group LLC of New York City had defaulted on a $69 million acquisition loan.

The price was not disclosed. However, Winn Development president and managing partner Lawrence H. Curtis confirmed Winn helped financed the deal with a $17 million loan from Columbus Bank and Trust Co. of Georgia.

Paolino Properties, which had managed 903 Residences, had previously invested in the property. Winn Development will now manage the asset.

“I think by us buying it and stepping in, we not only bought a good asset, but I think we helped cushion any other potential problems other condo projects might have had,” Paolino told the Providence Business News.

(PHOENIX, AZ)-Three Canadian investment groups have teamed to buy 78 units for $4.875 million or $62,500 per unit at the 240 unit Riverwalk at Papago Park community.(bottom left photo)

The Calgary, Alberta-based buyers are Optimus Riverwalk LLP, Japhda Riverwalk LP and Strongwater Investments America. The seller was Riverwalk 240 LLC, a Delaware-registered company based in Miami, FL.

Mark Forrester, a partner in Phoenix-based Hendricks & Partners, told the Phoenix Business Journal some of the units at Riverwalk are privately owned; others have been leased out as apartments.

Forrester says Canadian investors are playing a prominent role in the current Phoenix condo sales market. Hendricks & Partners of Phoenix represented the seller. SiteWest of Phoenix negotiated for the buyers.

(PHOENIX, AZ)—In a metro area that didn’t produce its first high-rise condominium community until 1990, the fate of the two-year-old, 165-unit Summit at Copper Square is grabbing the attention of players in the local condo sales market.

The 23-story Summit at Copper Square (bottom right photo)  is the tallest residential development in metro Phoenix.

The owners of the development are fighting to stop the lender from foreclosing on 74 of the unsold units and selling them at fire-sale prices – a move that could lower the value of the entire condo market in Phoenix, they argue.

The three corporate owners are W Developments LLC with a 30 percent stake; Summit Investors LLC, also with a 30 percent stake; and Diamondstar Partners III LLC, a Wheaton, IL firm with a 40 percent equity investment.

According to court documents, they defaulted in August 2008 on interest payments for an original $64 million loan.

The owners seek Chapter 11 protection and have submitted a reorganization plan to an Illinois bankruptcy court judge. Judge Eugene Wedoff is expected to rule on the plan at a possible January hearing, according to the Arizona Republic.

The current lender is Stearns Bank of Scottsdale, AZ. Stearns bought a number of bundled notes from the Federal Deposit Insurance Corp. after the FDIC had taken over the original lender, FNBN or First National Bank of Nevada in Reno, NV in July 2008.

According to WeKnowUrban, a Phoenix-based brokerage firm that closely monitors the Phoenix condo market, two acquisition loans totaling $64 million were involved in the acquisition of The Summit at Copper Square by the three owners.

But when FNBN went under, the value of the $64 million notes was about $28 million. Stearns bought that note for $6.4 million, according to WeKnowUrban.

First New Miami Condo Tower Files for Chapter 11

MIAMI, FL—The bankruptcy bell has rung in the Miami-Dade luxury condominium market for one of the highest-profile Downtown residential communities.

Saddled with estimated debt that could reach $500 million to 200 creditors, Cabi Downtown LLC, the Mexican owners of the one-year-old, $300 million

Everglades on the Bay (centered photo below) community have filed for Chapter 11 protection under the U.S. Bankruptcy Code.

The twin-tower, 49-story project has closed only 9 percent of its 849 units for an estimated total sales of $31 million, according to Bal Harbour, FL-based Condo Vultures® Bulk Deals Database.

A hearing is set for Sept. 2 to clarify the total debt and assets involved, as well as drafting a more complete list of creditors, according to court records.

The owners stated in their Aug.18 bankruptcy filing they owed between $100 million and $500 million.

A $256 million first mortgage was due in February of this year. The condo is located on the former site of the Everglades Hotel at 250 Biscayne Blvd.

"This is the first new condo tower in Greater Downtown Miami to seek bankruptcy protection," says Peter Zalewski, (middle right photo) a principal with Condo Vultures® LLC, a real estate consultant.

"The action must have become necessary as the number of closings at this Class A project slowed to a trickle in recent months. The primary reason is the current pricing at Everglades on the Bay is more reflective of the boom years rather than today's tumultuous market.”

"There is every reason to think this project will sell out rapidly to individuals and/or bulk buyers once the pricing is brought in line with current market conditions," adds Zalewski.

The average purchase price on the 75 units that have closed at the Everglades on the Bay project between November 2008 and June 30, 2009, is more than $425 per square foot, according to the Condo Vultures® Official Condo Buyers Guide To Miami™.

By comparison, many of the Greater Downtown Miami condo projects today are priced between $200 and $300 per square foot.

“Several of these projects are experiencing brisk sales as foreign nationals, investors, and first-time home buyers are increasingly entering the market looking for value,” says Zalewski.

The 20 largest creditors to be identified to date are owed more than $2.6 million, according to the filing.Gryphon Construction in Fort Lauderdale is the largest single creditor identified in the filing with an outstanding balance due of $912,272.25 for trade work.

The Coral Gables law firm of Siegfried, River, Lerner, De La Torre & Sobel PA is the second largest creditor with an unpaid balance of $395,456.98 for professional fees.

Rounding out the top three largest creditors is Holly Sime Realty, a Miami-based real estate brokerage that is owed $193,750 for professional services, according to the filing.

Many of the other large creditors are law firms, construction companies, and product/parts suppliers. Zalewski says “two sizable creditors worth noting are the separate condominium associations for each of the two towers in the complex.”

The Everglades on the Bay North Condominium Association is owed $106,394.10, and the Everglades on the Bay South Condominium Association is owed $38,283.73, according to the filing.

Bank of America, the lead construction lender on the project, is not named in the bankruptcy filing. Bank of America provided a construction loan of $243.4 million in December 2005 for a term of three years.

Under the mortgage terms, the loan amount could be increased to a maximum amount of $256 million and extended through February 2009, which it was in November 2008. It is unclear at this point how much is still owed to Bank of America as more than $31 million in sales have been recorded through the end of the second quarter, according to the Condo Vultures® Bulk Deals Database.

On Jan. 26, 2008, Cabi CEO Jacobo Cababie died, prompting a management change in the corporation that owns Everglades on the Bay.

Elias Cababie, chairman of Mexican development giant GICSA, took over as head of Cabi, the U.S. subsidiary of GICSA.

He also appointed two senior GICSA people to help him. Elias Amkie became senior VP of operations and Rafael Harari became senior VP of development. Misha Mladenovic continued as Cabi’s VP of development.

Cabi Downtown LLC, with member Elias Amkie Levy as signatory, filed the bankruptcy petition in the U.S. Bankruptcy Court's Southern District of Florida in Downtown Miami.

Cabi Downtown's members are Levy, Elias Cababie Daniel, Abraham Cababie Daniel, Rafael Harari Tussie, and Jaime Dayan Tawil, according to the Florida Secretary of State.