Galbut Family Commences Sales of Gale Condo-Hotel Units in the Heart of Downtown MiamiSeptember 15, 2023
Miami, FL – The Galbut family is embarking on the sales launch of Gale condo-hotel units within their Natiivo tower, marking a significant development three years after a previous Airbnb partnership for the project unraveled.
The initiative is spearheaded by Sixth Street Miami Partners, a venture headed by GFO Investments President Marisa Galbut and Keith Menin, principal at Menin Hospitality. The offering, known as the Gale Hotel & Residences Miami, features units priced between $400,000 and $1 million, as detailed in an official press release. Sixth Street Miami Partners owns GFO Investments, the family office established by Russell Galbut.
According to the release, Cervera Real Estate is handling sales for the project. The tower’s architectural design is credited to Arquitectonica, while Urban Robot is tasked with crafting the interiors.
Gale Hotel & Residences Miami, nestled within the 51-story Natiivo mixed-use tower at 601 Northeast 1st Avenue, is slated to encompass 240 units, of which 80 will serve as hotel rooms and 160 will be available as short-term rental condos. The floor plans contain studio, one-bedroom, and two-bedroom options, ranging from 410 to 910 square feet in size.
Projections indicate that the sellout for these units could reach $128 million, with buyers expected to comprise out-of-towners and commuters, according to Alicia Cervera Lamadrid of Cervera Real Estate. Construction commenced in 2020, with an anticipated completion date in early the following year.
Russell Galbut and Harvey Hernandez of NGD Homesharing initiated sales for the mixed-use Natiivo project in 2019. As of the latest update, all 448 condo units in the tower have been sold, as per a GFO spokesperson.
Records indicate that the Galbuts’ Sixth Street Miami Partners secured the 1.1-acre site for $35 million.
This latest sales launch follows a previous chapter in which a deal to establish an Airbnb-branded condo-hotel within the project disintegrated three years ago. In 2020, the short-term rental giant took legal action against development partner Harvey Hernandez, alleging financial misconduct. However, Hernandez and Airbnb ultimately reached an amicable settlement, dismissing their respective suits shortly after.
Keith Menin noted that sustained demand for condos within the tower prompted the decision to convert specific units into hotel accommodations. The branding for this venture draws inspiration from the Galbut family’s Gale Hotel Miami Beach, located at 1690 Collins Avenue, and the Gale Hotel in Fort Lauderdale, which Harvey Hernandez sold for $23 million in 2020. Russell Galbut secured approval to renovate and expand the iconic Miami Beach Art Deco hotel the previous year, further expanding the family’s presence in the hospitality sector.