MIAMI-An Israeli investor has purchased the 19 remaining unitsat a 30-unit fractured condominium in Coconut Grove, a few milesfrom downtown Miami, in a short sale for $2.5 million or $138 persquare foot. The developer, Grove Developers LLC, whose managingmember is FadhiBahri, owed US Century Bank, a Doral-based bank,$3.9 million and in January, the lender filed a foreclosuresuit.

The original sales price for the first 11 units at South TwoSeven Lofts Condominium was an average of $444 per square footaccording to Bal Harbour-based Condo Vultures, LLC, a real estateresearch company. The buyer of South Two Seven Lofts Condominium,27 Grove LLC, is a Miami-based company whose principal is MeirSrebernik who is chairman of Israel-based Matav-Cable SystemsMedia.

“With hard and soft costs of about $180 to $220 per square footin South Florida for low-rise construction,” says Jack McCabe, CEOof McCabe Research and Consulting in Deerfield Beach, ” the $138square foot figure represents a considerable loss for both thedeveloper and lender.