Sabal Development’s Pascal Nicolai has sold a waterfront home on Miami Beach’s Hibiscus Island for $16 million after a tumultuous construction phase.
Nicolai has sold the 5,243 square foot home at 79 Hibiscus Drive to Alejandro Montealegre, Nicolai confirmed. Montealegre is a hedge fund manager at New York-based Millville Opportunities Management.
Douglas Elliman’s Lourdes Alatriste portrayed Nicolai. Marko Gojanovic and Reid Heidenry of One Sotheby’s International Realty represented the buyer.
Nicolai purchased the 0.2 acre property for $5.3 million in 2020, as director of purchasing entity 79 Hibiscus LLC, records show. Sabal Development’s construction arm, Sabal Luxury Builder, completed the five-bedroom, five-bathroom home this summer with architectural and interior design by Miami-based TOGU design.
Nicolai said between a construction labor shortage, lengthy approval processes and inflation, building the house was an unpredictable adventure.
“It was crazy,” he said, describing contractors’ price hikes and erratic appearances by overbooked workers. “When you sell a house on speculation, you lose money every day.”
Nicolai has sold another TOGU-designed waterfront home on a quarter-acre site at 165 North Hibiscus Drive, property records show. The buying entity, Delaware-registered Hibiscus Investments LLC, paid $15 million for the 5,508-square-foot, five-bedroom, six-bathroom home in February.
In March, Sabal sold Lennar an approved 10-acre development site for 34 townhouses and 20 single-family homes near Pinecrest for $24.5 million.
Hibiscus Island is among Miami Beach’s hottest luxury markets where buyers have laser-focused on waterfront properties.
Recently, Miami real estate investor Laurent Groll and his partners flipped waterfront land on the island for $14 million in just one month, making a profit of $3 million on the deal.
In June. Artefacto owner Paulo Bacchi also recently sold waterfront land on the island for $11 million, having bought it for $5.4 million in 2018.
A shipping tycoon bought a waterfront teardown on Hibiscus Island for $17.5million in May. He had been knocked down twice and within 15 months the property had gone from $11.8 million to nearly $18 million.