Developers sell Bay Harbor Islands condo-hotel units in $21M deal

by Lindsey Wells

Developers Ari Pearl and Jonathan Leifer sold over half of the units at their converted Bay Harbor Islands condo-hotel for roughly $389,000 per key or about $21.4 million total, according to a report by The Real Deal. 

Pearl’s PPG Development and Leifer, chairperson and founder of L3C Capital Partners, acquired the 96-key hotel out of foreclosure last year for $30 million and converted it into a condo-hotel. Located at 9540 West Bay Harbor Drive, the former Wyndham Miami Bay Harbor hotel is now The Altair. 

The Shapiro Group is handling unit sales. 

Managed by Highgate, the Bay Harbor Islands condo-hotel boasts a rooftop pool, restaurant and gym. 

Forty-five of the units were purchased by LC Altair and affiliates for nearly $16 million, property records show. The units sold for an average of $1,053 per square foot or about $354,000 per unit.

Nine units were purchased for $5 million by PD Altair LLC at nearly $564,000 per unit or $848 per square foot. 

Pearl’s PPG sold one additional unit to CGFL1 LLC for $350,000.

The seven-story hotel, completed in 2018, closed when the property was traded at the end of last year. Pearl previously said he and Leifer were searching for “prime distressed assets” in South Florida and that they purchased the hotel for “well below replacement cost,” according to The Real Deal.

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