While some developers are content with cutting their losses, one builder is convinced he can sell his large portfolio of condominiums without offering significant discounts and still pay off his creditors.
Mario Egozi, managing developer of the 35-unit, 16-story Cielo on the Bay in North Bay Village, wants U.S. Bankruptcy Judge A. Jay Cristol to approve his plan to sell Cielo’s 32 unsold units for between $500,000 and $700,000 each. Cristol is scheduled to rule on Egozi’s motion on July 21.
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