RELATED GROUP PULLS OUT OF TRUMP TOWERS IN SUNNY ISLES BEACH, FLORIDA

Related Group, one of the most prominent condo developers in South Florida has ended its relationship with the Dezer family and their project of Trump Towers located by the ocean between 158-160th Street and Collins Avenue.

Related Group and Jorge Perez at its helm helped shape the oceanfront skyline in Sunny Isles Beach when in 2001 they opened Ocean One at the Northern tip of Sunny Isles Beach followed shortly by Ocean Two, Ocean III and lastly Ocean IV. They joined forces with Michael and Gil Dezer who own a lot of the oceanfront land in the area and developed three more towers at the Southern end of Sunny Isles Beach which they called Trump Tower I, Trump Tower II and Trump Tower III. Each tower consists of 271 units and is 45 stories high. Units range from 1463-2928 sf under air and are 2-3 bedrooms. All feature Ocean or Intracoastal views (or both). The complex has 4 pools in total, spa and gym in every building and a restaurant in Trump Tower II services all three towers.

Related had a 50% share in TRG Sunny Isles VII, the company behind the oceanfront project, until Jan. 13 2010 when the Dezers took full control, according to the Florida Division of Corporations. In 2007, TRG Sunny Isles obtained a $345.7-million construction loan from Wachovia Bank, now owned by Wells Fargo. On Dec. 31, Wachovia modified the loan and extended its maturity date. A mortgage filed with Miami-Dade County did not disclose the due date.

Of the three Trump Towers, one tower is almost sold out, another has a substantial amount of units sold, and the third is vacant. The unit prices have dropped nearly 40% since pre-sales started five years ago and are now selling between $350-$400/ft. Original pricing was set at $650-$750/ft The units are delivered decorator ready (purchasers need to finish flooring, paint, install closet systems and window treatments).

"We have no comment other than to confirm we have satisfied The Related Group's lender obligations, and we have sold the two projects (Trump II and Trump III at Sunny Isles) to former partners in these developments," Betsy McCoy, Related's vice president and associate general counsel, said in an e-mail to the Daily Business Review

Related Group has been responsible for building over 50,000 units in South Florida. Most

notably they built Ocean I, II, III, IV in Sunny Isles Beach, Murano at Portofino, Icon South Beach and Apogee in Miami Beach, Icon Brickell (a project of 1500 condos that is also under financial stress and the Developer is currently negotiating to hand over the project to the Lenders on condition they can still continue to manage), 50 Biscayne, 900 Brickell, Loft Downtown in Miami, Beach Club I, II, III in Hallandale Beach and Trump Hollywood in Hollywood Beach.

Perez's personal net worth has also declined. He was ranked at No. 197 on the Forbes 400 list of the wealthiest people in 2006, when his net worth was estimated at $1.8 billion. Last year, he fell off the list when his net worth dipped below $900 million, according to Forbes.

All this overbuilding during the high. has left phenomenal Buying Opportunities available today.

Click info@golanteam.com to request an email of all available floorplans at Trump Towers or to send us an email so we can discuss the best pricing opportunities available for you. You can also reach us by phone to 786-271-1235.