Boston developer buys U.S. 41 Normandy Hotel

BUYER: North Trail SRQ LLC (manager: Jason Cincotta), Sarasota
SELLER: Billy Bowlegs Banana Patch
PROPERTY: 400 N. Tamiami Trail, Sarasota
PRICE: $1.27 million
PREVIOUS PRICE: $38,700, July 1986
LAW FIRM ON DEED: Icard Merrill Cullis Timm Furen & Ginsburg PA, Sarasota

PLANS, DESCRIPTION:
A company led by developer Jason Cincotta purchased the 13-unit Normandy Hotel on 10,500 square feet of land for $1.27 million.

The price equated to $97,308 per unit. That figure is higher than the two-year average price per unit for multifamily space ($72,609) in the Tampa Bay area, according to the CoStar Group.