Last of the really great South Florida development sites; Thor takes a loss on Manhattan retail ... and more

The best national real estate stories from The Real Deal. May 25, 2024 [Share]( | [View in Browser]( | [$1 for 1 Month](     In today’s newsletter, a new [development site appears]( on Miami’s coveted Fisher Island. Plus, Thor takes a [loss]( on prime Manhattan retail; Donald Bren’s [Pelican Hill]( will become a St. Regis; and how developer [Ian Bruce Eichner]( got his start. These and more stories below.   [Last potential development site on Fisher Island hits the market (no, really)]( South Florida’s market for luxury development sites is getting tighter by the minute. At least that’s the way it seems, with high-end condos popping up on every other corner and single-family homes in high demand. The finite supply drives prices up, especially in tony enclaves like Fisher Island, which can only be reached by boat or helicopter. In fact, Six Fisher Island, a joint venture between Related Group, BH Group and Chicago-based Wanxiang America RE Group, is marketing its $5,000+ per-square-foot condo development as the last project on the island. But it might not be. The Real Deal learned earlier this week that a Denver-based energy company is putting a nearly 10-acre fuel depot near Fisher Island’s ferry terminal on the market. The asking price is not included in the offering memorandum reviewed by TRD, but the seller is seeking $200 million, according to a source who shared the document on condition of anonymity. On an island that was supposedly out of land, this might seem like a golden opportunity. But it’s trickier than it immediately appears. The 9.6-acre property is being sold as is and “with all faults,” according to the offering. And given that it’s currently being used for fossil fuel storage, those could be significant. Per the offering, “Bidders are responsible for evaluating any zoning, environmental, land use, regulatory, title or other constraints relating to the use or operation of the property.” Another potential stumbling block: TransMontaigne may not be able to end fossil fuel operations on the property until 2027. So, challenges. But take a look at the market, both on Fisher Island and in South Florida at large. In 2022, Fisher Island developer Heinrich Von Hanau sold what was then considered the last remaining development site for $122.6 million. That’s the property where Related, BH, and Wanxiang are planning their condo project. With 50 units reportedly averaging around $30 million, sellout could be well over $1 billion. And, at 6.5 acres, that property is some 3 acres smaller than the fuel depot site. But it’s not an easy win either. We don’t know how much remediation could be required around the fossil fuel storage terminals. And the ultra-luxury market is fickle. South Florida’s has seen [price cuts and slower sales]( than it saw during pandemic highs. Todd Michael Glaser’s 10 Tarpon Isle in Palm Beach just [sold for $152 million]( – a big number, but 30 percent less than its original asking price. But that’s a spec home, and all the way up Palm Beach, and maybe this really is the last development site on Fisher Island. We'll let you know what happens next.     [I'm an image]( [Joe Sitt takes $97M loss on one of Madison Avenue’s priciest retail properties]( The Carlton House retail at 680 Madison Avenue is fully leased to Tom Ford, Brioni, Oscar de la Renta, Morgenthal Frederics, Missoni and Asprey. [I'm an image]( [Bank claims New Jersey investor lied to score loan at Fort Worth’s tallest tower]( Fort Worth’s tallest building ended up at a foreclosure auction earlier this month, but before the sale, former owner Shaya Prager was accused of lying to get an $83 million loan. [I'm an image]( [Donald Bren’s Resort at Pelican Hill will become a St. Regis]( 500-acre crown jewel of Irvine Company holdings will be managed by Marriott International.   Advertisement   [I'm an image]( [Brand Studio Gaggenau: The Developer’s Partner in Luxury]( [I'm an image]( [Origin story: How Bruce Eichner launched his careerÂ]( The 78-year-old, now trying again at the site of his controversial Brooklyn project, traces his career’s roots to Park Slope. [I'm an image]( [Freddie Mac places appraiser BBG under review]( Freddie Mac halted accepting loans using valuations or appraisals from one of the Big Five appraisals firms amid widening investigation into mortgage fraud. [I'm an image]( [Wynwood’s tech office boom hits a short circuit]( Office leasing momentum slows in Miami’s hip neighborhood, as some tech firms bail out of Wynwood. [I'm an image]( [Brand Studio Download Now: Unlocking Your Property’s Full Potential with Amazon Key]( The condo board for 200 North Dearborn, in the Loop, canceled its stalled sale to Yitzy Klor’s Strategic Properties of North America. [I'm an image]( [“Beyond ready to move on”: condo board cancels $95M sale to StrategicÂ]( The Etsy-anchored Dumbo office portfolio, owned by Kushner Companies and Aby Rosen’s RFR Realty, landed a $480 million refinancing.   [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters]( | [Unsubscribe]( | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2024 TheRealDeal. All rights reserved. [View Online](