KHALEEJ TIMES, Sunday, May 22, 2022 | Shawwal 21, 1443
Dubai realty firm likely
to buy Florida condominium for $120 million
Emirates:
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, according to a report from
Associated Press (AP).
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, AP quoted Michael Fay, of Avison Young
as saying. Avison Young is the commercial real estate firm that was appointed to
market the land as part of a class-action lawsuit.
The auction for the 1.8-acre parcel in Surfside
was scheduled for Tuesday. Earlier this month, families of the victims reached 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.