Rooftop Condo In Brickell Headed To Bankruptcy Auction
A company linked to Venezuelan banker Eligio Cedeño is selling its three rooftop commercial condos at Brickell House via a court-approved bankruptcy auction.
Ectul Holdings LLC received approval for the auction after filing for Chapter 11 bankruptcy to avoid the units’ foreclosure in March. The auction is scheduled for July 31, the South Florida Business Journal reported.
The nearly 12K SF of commercial space is spread across Units 8, 9 and 11, and its exclusive pool sits on the 46th floor of the Brickell House at 1300 Brickell Bay Drive, according to a release.
A partnership of New York-based Keen-Summit Capital Partners LLC and South Florida-based Wilshire Advisory Group was tapped to market the property.
The property, built in 2014, is being marketed ahead of the auction sale date to prospective buyers and can be purchased outside of the bid deadline, a Keen-Summit representative told Bisnow.
“This space is tailor-made for a high-profile hospitality venue,” Keen-Summit Capital Partners principal and Managing Director Matthew Bordwin said in a statement. “Whether it’s a rooftop restaurant, pool club, private lounge, or exclusive event space, the location, size, and views are unmatched in the Brickell market. This is truly an extraordinary property and opportunity.”
Cedeño’s Ectul purchased the three units for $7.5M in 2021, according to public Miami-Dade records.
Ectul’s largest creditor, Fort Lauderdale-based Fuse 10, won a $7.5M judgment in January and moved to foreclose on the condos in March, alleging the company defaulted on a $6M loan issued in 2023, The Real Deal reported.
The entity filed for Chapter 11 bankruptcy just two days before a scheduled auction in March, halting the foreclosure. Ectul listed $19M in assets and $13.3M in debt, the South Florida Business Journal reported.
Ectul’s attorney, Diego Mendez at Mendez Law Offices PLLC, didn't respond to Bisnow’s request for comment.
Cedeño, a Venezuelan banker who was granted U.S. asylum in 2011 after fleeing corruption charges, was named in the 2016 Panama Papers leak for holding offshore accounts, Venezuela Analysis reported.
He had been arrested in Venezuela in 2007 for currency fraud and fled to the U.S. after his release in 2009.
