Mario Borda is CEO of the commercial division of Engel & Völkers.

PMG Acquisitions, LLC of New York has agreed to pay $25 million for a 25,976 square-foot parcel of land at 1449-1451 Brickell Ave., announced Mario Borda, CEO of the commercial division of Engel & Völkers Miami. Other than one significantly pricier parcel, it was the last piece of raw land available east of Brickell Avenue. Closing is scheduled for July 17.

PMG, a respected New York-based developer, is planning Echo Brickell, high-end boutique condominium with 166 residential units, ground-floor retail space, unobstructed water views from the higher floors, a lavish pool deck on the 32nd floor, and a robotic parking system. Construction will begin in the first quarter of 2014.

In addition to brokering the land deal, Engel & Völkers Miami has also been commissioned to sell the retail portion of the development.

Borda, who represented both the buyer and seller 1451 Brickell, Inc. in the transaction, likened the strength of the current market to the real estate climate of 2005. “We encountered stiff competition from aggressive players,” he said. “Our clients recognized the rare opportunity and proceeded with a hard deposit at execution, which validates both the caliber of developers we bring to the table and the significant market rebound.”