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Macklowe Properties, a renowned high-rise developer based in New York City, recently acquired the Biscayne Sea Club co-op located in North Bay Village for $47.7 million. The 51-unit property was developed on Harbor Island’s north end back in 1955.

According to reports from the South Florida Business Journal, many condos and co-ops in South Florida are facing financial challenges due to high maintenance and insurance costs. As a result, some of these properties have been sold to developers as the land they sit on is more valuable than their aging residential units.

The sale of Biscayne Sea Club was approved earlier this year after all leases with residents were terminated. The proceeds from the sale will be shared among them.

Kawa Capital provided Macklowe Properties with a $32 million mortgage for this acquisition.