Brack Capital Buys Bayfront Manor to Create Ice2 Condo

MIAMI-In its second venture here, CG Miami Partners II LLC, a division of Brack Capital Real Estate, which is based in New York City and Israel, in partnership with London-based Marathon Asset Management bought Bayfront Manor, a 73-unit rental complex at 620 NE 31st St. A Brack spokesperson tells GlobeSt.com the acquisition price was $25.5 million.

The seller is locally based Bayfront Manor Development Corp., which is headed by Robert Wohl and Michael Gold. According to the spokesperson, at the time of the sale, the seller had concept plans for the Ice2, or Ice Square condo, which were developed by locally based Chad Oppenheim Architecture and Design. Plans call for 56-story condominium tower containing 90 units and eight townhouse units. The complex will include a pool, terrace and health club.

Residential units range from 2,200 sf to 4,500 sf, most contain three bedrooms and three baths, and prices begin at over $1 million, according to the spokesperson. CG Miami is handling sales and marketing. Groundbreaking is scheduled for this summer and completion is planned for early 2007.

In April, the Brack/Marathon partnership began construction of Axis at Brickell Village, a residential condominium at 110 SW First Ave. It contains 718 residential units in twin 40-story towers, designed by Arquitectonica.