Life is good for those who bought land in Miami at the market’s bottom.
In late 2009, developer Asi Cymbal paid a mere $2 million to buy $10.5 million in defaulted loans backed by a site in the city’s Design District. He foreclosed on the land, which contained the foundation of a stalled condo project.
Mr. Cymbal received the necessary approvals to build 42,000 square feet of retail space, 54 luxury residential units and a parking garage on the site.
Then last year, Mr. Cymbal received an $11 million offer for the property. In January, Mr. Cymbal sold the land to Sweet Virginia Acquisitions LLC, which names Craig Robins as its agent, according to public documents.
“My initial response was I’m not selling because this was my baby. But I kept hearing my mother saying ‘a bird in the hand is worth two in the bush,”’ says Mr. Cymbal.
Mr. Robins, a developer who has spearheaded the revitalization of the trendy area, declined to comment on the deal.