A New York auction produced no bidders for the trendy 334-room Gansevoort South

Credit Suisse New Owner of Miami Beach’s Gansevoort South Hotel

By Alex Shay

Credit Suisse took ownership of the Gansevoort South Hotel, 2377 Collins Ave., last Thursday, after a New York auction produced no bidders for the trendy 334-room South Beach resort.

The previous owners, father and son team William and Michael Achenbaum tried, unsuccessfully, to find a buyer for their outstanding $89 million loan, before the foreclosure took place last week. Credit Suisse plans to sell the hotel, which presently carries a $390 million first mortgage.

Michael Achenbaum said that operations at the hotel will remain the same, and that the Achenbaum's company will continue to manage the popular Miami Beach resort. The Gansevoort South has been a hot spot for celebrity party-goers such as Fergie and her husband Josh Duhamel, and Lady Gaga, among others.

The hotel guestrooms each average over 730 square feet of living space, and boast spectacular views of the ocean, bay, and city. State-of-the-art technology, and oversized bathrooms with separate shower and bath are featured in every room of this now bank-owned resort. Any buyers?

Scott Storch's Miami Beach Luxury Home on Palm Island Sold on the Cheap

Miami Beach luxury home sales are still dismal, although there is a feeling among those in the real estate business that things will pick up somewhat this year.

One of the reasons that home sales are likely to improve is that people interested in buying a home or a condo, who have been waiting for the market to improve before taking any investment risks, are slowly entering the market place, looking for great deals on luxury properties.

One great deal was made last week on a property on Palm Island known as Villa Ferrari, recently owned by music producer Scott Storch.

According to Miami-Dade County property records, the property consists of a 20,000-square-foot house on a 30,000-square-foot lot, located at 70 Palm Ave., Miami Beach.

Storch bought the home in 2006 for $10.5 million but subsequently fell on hard times, and the property was foreclosed by Suntrust Bank in June of 2009. Last week, Suntrust sold it to Weiner Russell Trust for $6.75 million, a great price for a 20,000-square-foot Palm Island house, if you are a buyer.

The house was not in good shape, however, and upon entering through the massive front doors of the home, one could see that extensive renovation is needed. Immediately before the sale, a crew of painters and carpenters could be seen doing cosmetic touch-up work to make the property appear more presentable. Notwithstanding, the sale of the Miami Beach mansion was a great buy for the new owner.

Weiner Russell Trust, the buyer, belongs to Russ Weiner, founder and CEO of Rockstar Energy Drink, a company that produces a beverage touted as the world's most powerful energy drink.

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