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Friday, November 9, 2007

Miami Commercial Real Estate Properties Up For Auction. The Nicky O Saga Continues…

Nicky Hilton's ‘would-be’ South Beach condo-hotel is set for the auction block and lenders are seeking $60 million for the 95 room Miami Beach condo hotel.

The combined Breakwater and Edison property will be sold to the highest bidder under the supervision of a federal bankruptcy judge after a failed Miami Beach condo conversion. Contractors were midway through completion of a rooftop penthouse when construction was halted and on September 17th the city declared this Miami Beach real estate property located at 940 Ocean Drive officially abandoned. A lawyer close to the case expects that debts will far exceed what the hotel can demand on the Miami commercial real estate market. Co-owner Jonas Mimoun’s lawyer was quoted as saying, ‘‘It’s such an awesome piece of property, but it's been so thoroughly mismanaged.''

Only a year ago this Miami Beach condo-hotel won favorable mentions by David Letterman and from writers in People and Vanity Fair magazines however this bankruptcy-court auction marks a dramatic turn of events for this Miami commercial real estate property.

Nicky Hilton, the 24-year-old sister of socialite Paris Hilton who has her own fashion accessories line was licensing a deal with developer Robert Falor to brand the two properties the Nicky O. She was promoted as the guiding force in designing the Miami Beach condo-hotel, and her tabloid status brought waves of publicity to the project.

However the partnership between Falor and Hilton ended in litigation. This is just one in a string of disputes involving Falor's once impressive portfolio of Miami condo-hotel projects. He ceded control at South Beach's Royal Palm earlier this year amid a dispute with a partner there, and has also faced litigations linked to conversions at Coconut Grove's Mayfair Hotel.

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