A waterfront home in North Bay Village has changed hands as part of a series of acquisitions by investor Pawan Singh. Singh, CEO of NavX Consulting based in Vienna, Virginia, has spent $61.5 million on 11 houses, many with water frontage, on Terrace Drive in the three-island town. According to an analysis by The Real Deal, Singh’s purchases amount to at least 2.5 acres and more than 500 feet of waterfront property, though not all of it is contiguous.
Singh made his latest purchase last week: a five-bedroom, four-bathroom house at 1365 Bay Terrace for $13.5 million through a Falls Church, Virginia-based LLC. The seller was a member of the Simkins family who had acquired the 3,700-square-foot property for just over $3 million in 2016. Built in 1942 on a corner lot with a pool and dock, the house features 215 feet of waterfront.
Singh’s first transaction in North Bay Village took place in 2022 when he bought a four-bedroom house at 1480 South Treasure Drive for $3.9 million. That home sits on a 0.2-acre lot with 60 feet of waterfront and was brokered by Mark Stephan of Engel & Voelkers.
At least one property owned by Singh is listed for rent: the three-bedroom house at 7401 Miami View Drive is being offered for $8,000 per month with Douglas Elliman’s Elizabeth Gazay handling the listing.
Large assemblages of waterfront land have drawn significant attention and record prices elsewhere in Miami Beach recently. In July, developer Todd Michael Glaser and the Posner Group purchased a 2.3-acre estate at 5940 North Bay Road for $105 million; they plan to either resell it or develop it into a spec mansion that could be listed for up to $300 million.
North Bay Village is also home to several developers and real estate professionals such as Alexandra Eichner, Marc Megna (Anatomy Fitness co-owner), owners of Farrey’s Lighting & Bath, and agents Sam Heskial, Sari Libben Shapiro and Chris Wands.
Chris Wands, an agent with Douglas Elliman who moved to North Bay Island in 2021, cited location and security as key factors: “I felt it was undervalued with the connectivity to the beach and the mainland. Without traffic, I’m in the Design District or beach in 10 minutes,” he said. “My wife loved the idea that it had its own municipalities, police and fire.”
In August, another notable sale occurred when a Miami businessman sold his waterfront home at 7520 West Treasure Drive for $12.5 million—the highest price recorded on Treasure Island so far.
The area is also seeing new development activity from firms including Related Group and Macklowe Properties as well as Sunbeam Properties (owned by the Ansin family), Continuum Company led by Vivian Dimond and Alexandra Eichner, and Riviera Horizons headed by Mikael Hamaoui.
