Bankruptcy judge gives Regalia developer a year to sell PH and beach house

Judge gives Regalia developer A year to sell remaining units

A U.S. bankruptcy judge approved a settlement allowing the owner of the two remaining units at Regalia in Sunny Isles Beach to sell the condos, which have been on and off the market since the luxury tower was completed in 2014.

 

Mark Pordes and Adam Kaufman

Regalia Units Owner LLC and Regalia Beach Developers LLC have one year – until August 1, 2020 – to sell the penthouse and beach house. Mark Pordes and Adam Kaufman of Pordes Residential will be handling the listings, Pordes said.

They’ll be listed for a combined $56 million: the story beach house will be on the market for $24 million, and the two-story penthouse, which includes a rooftop pool, will ask $32 million.

Both units at 19575 Collins Avenue have been the subject of years of litigation.

The condos are considered the crown jewels of the Sunny Isles Beach tower. The penthouse, a six-bedroom, six-bathroom unit with a $1 million master bathroom, has a kosher kitchen, a 540-bottle wine cellar, and a lounge with a smoky quartz bar imported from Israel. It was once listed for $39 million.

Pordes said his firm was one of five brokerages interviewed to take on the listings. He said the condos are “the Harry Winston collection of homes” in Sunny Isles. He plans to partner with Lamborghini Miami to market the units.

In late May, the Regalia Units Owner LLC, which controls the remaining units, filed for Chapter 11 bankruptcy.

Attorney Linda Jackson, who represents the debtors, said Regalia Units Owner will receive the proceeds and pay off the debts tied to the properties. Atalaya Administrative LLC, an affiliate of Atalaya Capital Management, has a secured claim of $31.8 million from a foreclosure lawsuit filed last year, according to the South Florida Business Journal, which first reported the news.

The condo market in South Florida, and in Sunny Isles, has been saddled with new inventory. Pordes said the Regalia units are among the largest condos on the market, and were recently furnished.

“They’re very luxurious units and would appeal to any buyer… And we feel very confident they’re going to sell very quickly,” Jackson said.

Write to Katherine Kallergis at kk@therealdeal.com

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from The Real Deal Miami & Miami Florida Real Estate & Housing News | & Curbed Miami - All https://therealdeal.com/miami/2020/08/07/bankruptcy-judge-gives-regalia-developer-a-year-to-sell-ph-and-beach-house/
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