(Crystal Proenza is associate editor of RealEstateFlorida.)
MIAMI BEACH, FL-The Breakwater Edison Hotel, which consists oftwo buildings located at 940 and 960 Ocean Drive, has been sold toNakash Holding LLC and partners, the Gindi and Tawil families, for$24.8 million. Nakash Holding is owned by the Nakash family thatalso owns Jordache Enterprises. Jones Lang LaSalle Hotels arrangedthe deal on behalf of the seller, Barry Mukamal of Rachlin LLP, theappointed bankruptcy trustee of the hotel.
The hotel has been closed for several years in a partiallyredeveloped state, says Robert Gellman, principal in the realestate advisory group of Rachlin LLP and a member of Mukamal'strustee team. The redevelopment project ran into financialproblems, including cost overruns and time delays, whichprecipitated a bankruptcy filing in March 2007.
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