BuySellBA
Administrator
Palermo and Retiro are in developers' sights: Costantini bought a piece of land from the government, and more lots are up for auction - La Nacion Propiedades
Source:
Palermo y Retiro, en la mira de los desarrolladores: Costantini compró un terreno del Gobierno y hay más lotes en subasta
La desarrolladora inmobiliaria Consultatio puso el ojo en Palermo; qué otros terrenos subasta el Gobierno y pueden quedar en manos de empresas constructoras
www.lanacion.com.ar
May 07, 2025
The real estate developer Consultatio has its eye on Palermo; what other land is the government auctioning that could end up in the hands of construction companies?
The Palermo land that Costantini bought for more than US$21 million was obtained through an auction by the State Property Administration Agency (AABE).argentina.gob.ar
Palermo appears on the radar of Eduardo Costantini and his developer Consultatio , the same company that created Nordelta in Tigre, Puertos in Escobar , the Oceana buildings in Puerto Madero and Huergo 475 , also in front of Puerto Madero.
With an outlay of more than US$21 million , the company acquired a large plot of land located in Palermo , which was auctioned on Monday by the State Property Administration Agency (AABE).
This was reported by the CNV in a statement detailing that the sum offered was exactly US$21,230,200. The land is located at 615 Soldado de la Independencia Street (between Ortega y Gasset and San Benito de Palermo), an area located steps from the Argentine Polo Field and two blocks from Avenida del Libertador .
“We think it's a lot with an excellent location and a lot of potential. We're interested in developing a quality residential project ,” Gonzalo de la Serna, CEO of Consultatio, told LA NACION . The lot covers 3,471.70 m² and currently houses a parking lot. It forms an irregularly shaped polygon and has a vehicle access point on Soldado de la Independencia Street.
According to the AABE, four bidders presented themselves, and the auction started with a base price of US$15,341,830, although the auction ended nearly 40% above that value. According to LA NACION, two of the players vying for the land were IEB Construcciones and Avalon Consulting Group, the developer of the Concepción building.
The land has a total building capacity of 18,367.61 m² . It is located in one of the most coveted areas of Buenos Aires, where real estate prices lead the ranking. According to data from Zonaprop, the real estate price per square meter is US$4,011, making it the second most expensive neighborhood after Puerto Madero.
The auction details also specify that the land is located 100 meters from Avenida del Libertador, 340 meters from Avenida Luis María Campos, 600 meters from Avenida Olleros, and 500 meters from the Cirujano Mayor Dr. Cosme Argerich Central Military Hospital. "It is located in a busy area due to its commercial location, a wide range of restaurants, and very modern, high-quality buildings," he concludes.
The property currently functions as a parking lot
In response to concerns about rising construction costs and the push to build a high-end residential project in this area, De la Serna responds: "We trust that prices will gradually reflect the new costs , which will then gradually adjust after the slight increase they experienced."
When bidding, Costantini likely had in mind that square meters are still "cheap" in Argentina and that property prices will continue to rise, according to real estate market specialists. Buenos Aires is still a cheap city compared to other cities in the region, according to the Latin American Real Estate Survey (RIAL Di Tella - Zonaprop) of March 2025. The cities with the most expensive square meters in the region are Montevideo (US$3,330/m²), Mexico City (US$2,666/m²), Monterrey (US$2,592/m²), and Buenos Aires (US$2,586/m²), in fourth place.
Other Government auctions
This month, there will also be two other AABE auctions in the City of Buenos Aires. One of them, like the one Costantini bought, is a parking lot in a strategic area: Juncal 724, between Basavilbaso and Esmeralda .The auction will be held on May 27, with a starting price of US$13,080,569. This lot includes several properties, which serve as parking lots and warehouses, totaling 2,090 m². “The land is the starting point for building a project that modernizes and enhances the status of an area. In other words, if quality properties are built, it ultimately generates an increase in value in the surrounding areas ,” says Martín Boquete, director of Toribio Achával.
The auction represents a significant opportunity for real estate development in the Plaza San Martín area.Ricardo Pristupluk
The second property up for auction today is an imposing mansion located in the heart of the neighborhood known as the "Garden of the City ." According to the file in the "Corruption Notebooks" case, this property was used to launder money through rentals managed by Madaco SA , a firm linked to Carolina Pochetti, widow of former presidential secretary Daniel Muñoz.
The property is located at 3744 Salvador María del Carril , in one of the most exclusive residential areas of the Villa Devoto neighborhood . With a land area of 388.30 m2 and a built area of 639.69 m2, the home has four floors and luxurious architectural details .
The Buenos Aires mansion is located in a neighborhood characterized by cobblestone streets, old properties, and a growing gastronomic center.https://www.argentina.gob.ar/
The auction's base price was set at US$833,637 , and registration to participate is open until today , with the possibility of postponing it if no buyer is found. This isn't the first time it's been auctioned; in November 2024, it was listed with a base price of US$926,263. This means it's going to auction for almost US$100,000 less.
Another strategically located lot in Palermo is listed for auction on the AABE website. The address is 4820/50 Cerviño Avenue, at the corner of Bullrich Avenue, where a Jumbo supermarket and an Easy supermarket currently operate , across from the Islamic Cultural Center (the Palermo Mosque) and the Trinidad de Palermo Clinic. The information only includes the lot area, which is 43,956.68 m², and does not yet specify the base price or auction date.
www.buysellba.com
