MIAMI-The local office of Chicago-based Skyline Equity Realty closed on its previously contracted acquisition of Skyline at Brickell for $90 million from the developer, BCOM Inc. The sale price equals $250,000 per unit for the 360-unit condominium tower,

The advisors to the seller were Jay H. Massirman, EVP; Robert Given, VP, and Charles Crapse, senior associate in the Miami office of CB Richard Ellis.

BCOM initially named the project Brickell Bay Village and envisioned it as a rental property. However, in January 2002, prior to groundbreaking, the CBRE advisor team sourced Chicago-based Skyline Equity, a developer and converter of luxury condos, to contract the property as a pre-sale investment opportunity. Equity signed and, Givens tells, Evangeline Goulitas, CEO of Miami’s Skyline operation, spearheaded the process of pre-selling condominiums. The property remained under contract to Skyline through construction and completed the purchase this month when the building received its certificate of occupancy.

Givens says the condos “was almost sold out” at the time of the acquisition. Goulitas could not be reached by press time. According to published reports, pre-construction prices for condo units ranged from the $280,000s to more than $1 million. The 34-story building is located on nearly 3.4 acres at 2101 Brickell Ave. It includes a private marina with 13 boat slips, 555 parking spaces, a pool, business and fitness centers, sun deck, children’s playground and 24-hour concierge. Units have floor-to-ceiling windows.

Massirman says, “the direct frontage on Biscayne Bay, city views, and proximity to the CBD created an ideal opportunity for a successful condominium conversion. The Brickell area has proven to be one of the most active development corridors in South Florida.” He further notes that the area’s “macro fundamentals” have accounted for more than two-thirds of CBRE’s nearly $1.8 billion in South Florida multifamily transactions purchased by condo conversion investors.

According to Crapse, “the unique pre-sale structure of this transaction allowed BCOM to both minimize its development risk and capitalize on the unprecedented demand for condominium conversions.” BCOM, which is headed by Michael Baumann and Aslan Palachi, is a union-only real estate manager and developer focused on producing returns in excess of 17% a year for its pension-plan clients and in creating trade union jobs and organizing new trade union members.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.