Michael Stern, partners buy Miami Beach development site, Bikini Hostel property for $120M 

Developer Michael Stern bought the development site for a planned waterfront condo tower in Miami Beach for roughly $120 million, The Real Deal has learned.   Stern, who is working with developer David Martin on the project, completed the bulk purchase of Bay Garden Manor at 1250 West Avenue, according to sources. Martin took an interest in the deal in late July. Stern’s other partners include Gianluca Vacchi’s GV Development and RG Development.   The price includes the bulk condo purchase and the Bikini Hostel property at 1247 West Avenue, sources told TRD. Northwind Group financed the deal for an undisclosed amount.  […]This article originally appeared on The Real Deal. Click here to read the full story.