Dubai Realty Firm to Buy Florida Condominium That Collapsed Last Year
A Dubai-based realty firm is all set to purchase the site of a South Florida condominium that collapsed last June, killing 98 people, for $120 million, after no other bids were submitted by the Friday evening deadline for next week’s auction Hundreds of potential buyers had shown interest in the property, but none were ultimately prepared to match the strong initial bid of Hussain Sajwani of Damac Properties. The auction for the 1.8-acre parcel in Surfside was scheduled for Tuesday. Earlier this month, families of the victims reached a a $997 million settlement with local officials, the developers of an adjacent building and others whom they hold responsible for the collapse of the 40-year-old, 12-storey beachside building during the early hours of June 24. The National Institute of Standards and Technology is investigating the cause of the collapse, a process that is expected to take years.
Tags : Dubai Realty Firm y Florida Condominium Hussain Sajwani of Damac Properties The National Institute of Standards and Technology