Tuesday, December 1, 2009

Miami Beach Condos, Miami Beach Real Estate

Miami Beach Real Estate, Canyon Ranch Seized by Lehman Bros.

Affiliates of Lehman Brothers Holdings, in a $301.2 million deal, took control of the remaining 336 units in the Miami Beach real estate residential and hotel condominiums, Canyon Ranch.

The Miami Beach real estate units that spanned over three towers were transferred for an average of $672 a square foot which does not include the amount paid for the additional land and common areas.

A spokeswoman for New York-based Lehman Brothers, Kimberly MacLeod, which is undergoing bankruptcy court restructuring, said the Canyon Ranch units were acquired as deeds in lieu of foreclosure. There was no cash transferring hands.

Full Article....Miami Beach Condos, Miami Beach Real Estate

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