Following the bankruptcy this week of Cabi Downtown Developers, the builder of the luxury condominium Everglades on the Bay, a new distress marker was revealed in Miami's downtown condo market.

In the lowest bulk price paid for condo units in the downtown area since the market crashed last year, Prodigy Capital Investments, a newly created corporation based in Miami, has purchased 10 units in the Brickell on the River South condominium for $156 per square foot, according to new research from Bal Harbor-based Condo Vultures, a real estate consultancy that closely follows the downtown condo market.

Prodigy Capital Investments, which incorporated in July and is headed by Rodrigo Nino, according to state records, paid$1.9 million for the units,which include five one-bedroom apartments and five two-bedroom units for 12,081 square feet of space.

The seller was Michael Bedzow, president of Brickell on the River.

``Prior to this transaction, bulk buyers accumulating product in Greater Downtown Miami have paid between $199 and $246 per square foot,'' Peter Zaleweski, president of Condo Vultures, said in a statement.

``A key reason for the discount realized on the Brickell On The River bulk deal is the location of the units,'' he said.

The 46-story south tower is located at 41 SE Fifth St. in Miami. The prices were lower, Zalweski said, because the units, which are primarily suitable for renters, were located on the lower floors of the building.

The purchase of the 10 units in Brickell on the River South represents the sixth bulk condo transaction in the greater downtown Miami area this year, for a combined average price of $199 per square foot, or $211,070 per unit, according to Condo Vultures.

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