CLIENT NEWS: Developers buy out majority of older Miami Beach condo building
September 8, 2025Miami-based Terra and New York-based JDS Development Group teamed with real estate investors Rafi Gibly and Gianluca Vacchi to buy out a majority of the condos in the Bay Garden Manor Condominium in Miami Beach.
According to a source with knowledge of the deal, the price was about $120 million, including the purchase of a neighboring hostel as part of the development agreement with the city.
Northwind Group announced that it financed the deal for 1250 West Ave. with a $98 million mortgage to the buyers. Terms of the acquisition from the individual buyers wasn’t immediately available. Terra declined further comment beyond a statement in a press release and the other developers couldn’t be reached for more information. According to Northwind Group, the developers purchased more than 95% of the condos there.
Dan Marinberg of Condobuyout.com was the broker for the deal, represented about 80 sellers as an attorney and some five units he owned in the building as well.
Built in 1964, Bay Garden Manor has 238 units. Many older condos in South Florida have been burdened by high maintenance and repair costs in recent years. Meanwhile, this condo is on valuable land on Biscayne Bay in Miami Beach, so the 1.9 acres of land is worth more than the individual condos. That’s why many older condos in Miami Beach have been terminated.
“Our team’s forward-looking vision for 1250 West Avenue will showcase the strengths of the neighborhood through the beauty of Biscayne Bay, investments in resiliency improvements, completion of the long awaited baywalk, and enhanced public space that the surrounding neighborhood will enjoy,” Terra CEO David Martin stated. “This project will be part of a transformation of an area in Miami Beach yearning for a resilient neighborhood grounded by its residents and upgrades in services, and our team will deliver with that exact approach.”
JDS Development Group CEO Michael Stern filed plans for this site with the city earlier this year. It was ultimately approved for up to 125 luxury condos in 32 stories/330 feet. Kobi Karp Architecture designed the project.
It’s anticipated that JDS Development Group would also acquire and demolish the neighboring Bikini Hostel at 1247 West Ave. in order to redevelop as a public park as part of this deal. That was part of the agreement with the city to obtain extra height for the condo.
“We are excited to provide acquisition financing for this unique project in an irreplaceable location,” said Ran Eliasaf, managing partner of Northwind Group. “Our borrowers have demonstrated exceptional expertise in executing these complex strategies, and Northwind is proud to provide a flexible financing solution combined with certainty of execution for them. Both Terra and JDS bring deep experience in South Florida luxury development, which when coupled with their track records provides a strong foundation for the success of this new project.”
JDS Development Group CEO Michael Stern filed plans for this site with the city earlier this year. It was ultimately approved for up to 125 luxury condos in 32 stories/330 feet. Kobi Karp Architecture designed the project.
It’s anticipated that JDS Development Group would also acquire and demolish the neighboring Bikini Hostel at 1247 West Ave. in order to redevelop as a public park as part of this deal. That was part of the agreement with the city to obtain extra height for the condo.
“We are excited to provide acquisition financing for this unique project in an irreplaceable location,” said Ran Eliasaf, managing partner of Northwind Group. “Our borrowers have demonstrated exceptional expertise in executing these complex strategies, and Northwind is proud to provide a flexible financing solution combined with certainty of execution for them. Both Terra and JDS bring deep experience in South Florida luxury development, which when coupled with their track records provides a strong foundation for the success of this new project.”
