Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-The South Florida Business Journal reports Mellon United National Bank, a subsidiary of Bank of New York Mellon, filed foreclosure against the 142,343-square-foot One Flagler office building. The action comes less than four years after Nexus Development Group bought the building to renovate it and sell as office condos.

The article noted that Mellon United filed a notice of foreclosure last month against Nexus Development. The developer owes just under $33 million on the asset at 14 NE First Ave. and hasn’t made payments since January 10, according to the complaint. A working phone number and e-mail address for Nexus Development could not be found, and Mellon United’s attorney Mark Dikeman could not be reached for comment.

Locally based Nexus Development bought the 14-story One Flagler, formerly known as the Israeli Discount Building, in December 2005, Nexus Development paid $20 million for the asset, which was then around 50% occupied, and had plans to convert the more than 50-year-old building into office condominiums.

Sources talking to GlobeSt.com at the time felt the office market would continue to tighten and market fundamentals would improve, thus making office condos a viable real estate product. In September 2007, Nexus Development secured the $30 million loan from Mellon United for acquisition and conversion costs, anticipating the renovation would be completed by fall 2008.

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?


Join GlobeSt

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

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.