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 purchased 11 houses on Terrace Drive since 2022, spending a total of $61.5 million according to an analysis by The Real Deal. These purchases have given him control over at least 2.5 acres and more than 500 feet of water frontage in the area.
Singh’s most recent acquisition is a five-bedroom, four-bathroom house at 1365 Bay Terrace for $13.5 million. The property features 215 feet of waterfront and was previously owned by a member of the Simkins family, who bought it for just over $3 million in 2016. Records show the house was built in 1942 and sits on a corner lot with a pool and dock.
Singh’s first purchase in North Bay Village was the four-bedroom home at 1480 South Treasure Drive for $3.9 million. This property, built in 1950 with 60 feet of waterfront, was brokered by Mark Stephan from Engel & Voelkers.
At least one property Singh owns is listed for rent: the three-bedroom house at 7401 Miami View Drive is available for $8,000 per month through Douglas Elliman agent Elizabeth Gazay.
The area has seen other high-value transactions recently. In July, developer Todd Michael Glaser and the Posner Group acquired a Miami Beach estate for $105 million and are considering reselling or renting it at much higher prices.
North Bay Village is home to several notable residents including developer Alexandra Eichner; Marc Megna, co-owner of Anatomy Fitness; owners of Farrey’s Lighting & Bath; and real estate agents such as Sam Heskial, Sari Libben Shapiro, and Chris Wands.
Chris Wands described his decision to move to North Bay Island: “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.”
Last month saw another significant sale when a businessman sold his waterfront home at 7520 West Treasure Drive for $12.5 million—one of the highest prices recorded on Treasure Island.
Several major condo and mixed-use developments are also planned for North Bay Village by groups such as Related Group, Macklowe Properties, Sunbeam Properties led by the Ansin family, Vivian Dimond’s partnership team, Continuum Company led by the Eichners’, and Riviera Horizons headed by Mikael Hamaoui.
