Zach Vella and Lionel Masson (inset) with 228 and 302 West Dilido Drive
Developer Zachary Vella paid $15.2 million for two adjacent waterfront Miami Beach lots where he plans to build a home for his family.
Lionel Masson, the founder and former CEO of Pharmacies Lafayette, a pharmacy chain in France, sold the properties at 228 and 302 West Dilido Drive on the Venetian Islands to the Vella Group CEO, according to the brokerages involved in the deal. They sold for $688 per square foot.
Natalia Gryczynska
Masson planned to build two spec homes on the lots, but due to the booming market decided to see what he could get if he sold the properties, said his broker, Jim Agard of Vendôme Capital. Natalia Gryczynska of Brown Harris Stevens represented Vella.
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Empty offices, shut down retail stores, closing restaurants and literal fires are among the biggest real estate disasters of 2020. (Getty)
Vacant offices. Shuttered restaurants. Empty hotels.
The pressure on real estate was relentless this year as the pandemic took down struggling sectors and some healthy ones, too. Except for a few blessed sectors, such as industrial space (hello, Amazon!), fiascos were unavoidable.
To explain the catastrophe that was 2020, we picked 10 of the biggest real estate disasters to highlight.
Where is everybody?
Say this for the Partnership for New York City: It is no cheerleader.
The business group released surveys laying out in stark detail how empty city office buildings are. Attendance has risen from horrendous to merely abysmal. First 8 percent, then 10 percent, then 13. President Donald Trump called Gotham a “ghost town” and his lie trackers didn’t argue.