Brooklyn, New York-based BridgeCity Capital is providing $35.5 million in financing to Miami Beach-based JP Roosevelt to begin construction on 42 Pine, an 8-story boutique condominium building envisioned for 340 West 42nd Street between Sheridan Drive and Pine Tree Drive in Nautilus, Miami Beach. The project is designed inside and out by Arquitectonica with landscaping by ULU Studio and offers 50 well-appointed residences spanning 700 to 2,700 square feet, ranging between 1-to-3 bedroom residences and penthouse units. Sales launched just over a month ago, and has already reached the 50% sold mark. Units are priced from $700,000 to $4,000,000 with sales and marketing exclusively handled by Mushka Jacobson of Douglas Elliman.
The eight-story building will reflect timeless sophistication and serve as a beacon for the neighborhood. Each residences is delivered ready to be occupied with design intended to maximize space and build a connection to the outdoors–with sweeping floor-to-ceiling windows and doors ushering in an abundance of natural light. Private terraces with glass railings provide a seamless indoor/outdoor living experience.
Residents will enjoy a host of resort-style amenities and services for every age. Thoughtfully curated indoor and outdoor spaces include an amenity deck with a 52’ pool, relaxation spa, cabanas and poolside service, plus a yoga and meditation lawn all surrounded by lush tropical landscaping. The property’s state-of-the-art fitness center offers advanced cardio and weight-strengthening equipment complemented by an outdoor deck. Community-minded social spaces include a club and game room, large outdoor terrace, media lounge, and children’s play room. A dedicated team including concierge, doorman, valet, and porter service is available to anticipate residents’ every need.
“This construction loan posed a unique opportunity for BridgeCity Capital to finance a ground-up, luxury condominium building in the heart of Miami Beach,” said Allan Lebovits, CEO of BridgeCity Capital. “The pace of sales at this building insofar is reflective of the ultra-strong demand for luxury, new construction residences in Miami Beach.”
JP Roosevelt, an entity linked to Eli Boymelgreen of the Boymelgreen family of real estate developers, acquired the 34,496-square-foot site from Caton Owner LLC back on February 10, 2017 for $31,000,000. The site occupies the northern half of the block, which is bound by Northwest 41st Street on the South, Sheridan Drive on the West, Northwest 42nd Street on the North, and Pine Tree Drive on the East. The property will offer residents access to the beach, top-rated schools, fine-dining, houses of worship and boutique shopping experiences all within walking distance.
Demolition permits were issued back in April 2022 for the removal of asphalt, curbs and small booth structures from a previous parking lot. Completion is expected by Q4 2023.