Thursday, October 08, 2015
Tags:   LEASED! ANOTHER DONE DEAL

Romero Britto’s gallery to move to 532 Lincoln Road
After more than two decades at 818 Lincoln Road, Brazilian pop artist Romero Britto has inked a deal to move his gallery three blocks eastward on the Miami Beach pedestrian promenade, The Real Deal has learned.
Britto will lease space at 532 Lincoln Road, in a building owned since the late 1940s by Bob Quittner’s family, Lyle Chariff, president of Chariff Realty Group, told TRD.
Chariff, who has known Britto ever since he first opened his gallery on Lincoln Road next to Chariff’s mother’s Diamonds and Chicken Soup, told TRD that he offered Britto a rate 20 percent below market. Lincoln Road rents now approach $300 to $400 a square foot, he said.
“In this building we have the luxury to do whatever we want, since Bob [Quittner] has owned it for so long and his basis in the building is so low…. so we have the ability to undercut anybody if we want to on price,” said Chariff, who has represented Quittner for 15 years and was the only broker involved in the transaction.
The deal came together quickly, in what Chariff and Quittner consider an act of serendipity: Chariff called Quittner on his cellphone to discuss offering the space to Britto, while Quittner was on a Caribbean cruise — in the middle of an art auction where Britto’s works were the main attraction. The next day, Chariff ran into Britto at MC Kitchen in the Design District and told him he had an offer he couldn’t refuse.
“The next day we got together with his team and we had a deal in one day,” Chariff told TRD.
“If anybody deserves it, it is Romero because he is a true pioneer of Lincoln Road, and is what Lincoln Road was built on,” Chariff added. “We gave him a friends and family rate, and we are very happy.”
Britto’s gallery will have 2,700 square feet in the space formerly occupied by So Good Jewelry, whose 10-year lease has expired, Chariff said. Other tenants in the building include Guess. Bank of America, Kiehl’s and Ricky’s NYC. The site is across the street from H&M.
Britto had been looking for space for months, after his building was sold last year for $34.5 million. Miami-based 818 Lincoln Corp. sold the 8,375-square-foot building in May 2014 to 818 Lincoln Investments. Investor Danny Lavy is identified as the manager of the buying entity. The building is expected to undergo redevelopment.
Lincoln Road itself is expected to get a facelift, with a master plan proposing such improvements as adding public seating and outdoor space for art and performances, enlarging sidewalks and enhancing adjoining streets.
“We kept [Britto] on Lincoln Road, and we brought him further east to the 500 block, which is in between the tourists and the locals,” Quittner told TRD. “It is very prestigious for our building.”


Saturday, August 01, 2015
Tags:   SOLD! Another Done Deal!!

Jugofresh owner Matthew Sherman has sold the Biscayne Boulevard site in MiMo that he had planned to redevelop for a new shop, The Real Deal has learned.
Sherman sold the building, at 7501 Biscayne Boulevard in Miami on Thursday, for $1.4 million, to local developer Alexander Karakhanian, Lyle Chariff, president of Chariff Realty Group told TRD.
“Back to the drawing board,” said Chariff, whose firm brokered the sale and will handle leasing for the site.
Sherman had bought the site in June 2013 for $960,000, and reaped a $440,000 profit on its sale.
He said via email that he may end up leasing back the space once it is redeveloped. It had been his “dream to have a healthy drive-through” along the Biscayne corridor, he said.
“Due to the growth of my main business I just did not have bandwidth to execute the project the boulevard deserves. This project involves a lot of time and effort for planning and construction,” he wrote. “I called my friend Lyle Chariff and asked him to find a buyer with vision. He did and I am excited to maybe collaborate with Alex Karakhanian, who is the new buyer and an expert in neighborhood developments. We are now talking about the future possibility of becoming his tenant and help activate a neighborhood that I believe in.”
Chariff is part of a partnership that owns the building at 7521 Biscayne Boulevard, next door to the planned jugofresh site. Karakhanian, who heads AKORP Development, owns the property on the corner, at 7541 Biscayne Boulevard.
“We didn’t want something that wasn’t within the best interests of the block acquiring it, and we had instructions from Matt Sherman to respect that,” Chariff told TRD.
The building Sherman sold is 1,754 square feet and sits on a 12,800-square-foot lot, according to Miami-Dade property records.


Friday, June 12, 2015
Tags:   ANOTHER DONE DEAL!! CHARIFF INKS IN PINK

Two pink houses, two new deals. Lyle Chariff and Mauricio Zapata, partners in Chariff Realty Group, just bought a mid-century revival property in Miami’s MiMo district, which they plan to renovate and turn into their corporate offices, The Real Deal has learned.

The partners paid $1 million for the property at 5801 Biscayne Boulevard, in an off-market deal, Chariff told TRD. A 3,901 square-foot house, which has been converted to an office, sits on a 10,900-square-foot lot at the entrance to Morningside. The previous owner, Kirk W. B. Wagar, paid $850,000 in 2011 for the site, according to Miami-Dade property records.

“We bought this building and we are making it a Chariff Realty Group office to have a presence on Biscayne Boulevard and to be in the MiMo district,” Chariff said. The partners also want to be close to properties they are marketing, such as the planned retail space at Boulevard 57.

Chariff and Zapata also own homes in Morningside.

“What we envision is to have our children, after school, come home and literally ride their bicycles without leaving the gated community, and visit us,” Chariff said. “It a total lifestyle move.”

Across the street, Chariff Realty’s Walter Murillo this week brokered the $1.6 million sale of 5800 Biscayne Boulevard. A Latin American investor paid $1.6 million for the commercial property, which includes a 2,780-square-foot office building on a 13,912-square-foot lot. The previous owner, 5800 Biscayne Corp., headed by Samantha Greene, paid $1.2 million for the site in 2004, according to property records.

Chariff said he will begin extensive renovations on his new property, similar to what Avra Jain has done with the Vagabond Hotel, and what John Kunkel has done with his 50 Eggs headquarters, both up the street on Biscayne Boulevard.

“They have inspired us to take these properties and bring them back to their previous glory,” he said.

Chariff Realty will maintain its current office in the Design District, at 4141 Northeast Second Avenue, but move its corporate offices to the new site in about four months, Chariff said. From the new office, the firm plans to expand its residential marketing to complement its focus on commercial real estate.

“I feel like I just bought a classic car, which I’m very proud to own — Mauricio and myself, that’s going to be our place,” he said.

But “it’s not going to remain pink,” he added. “I don’t like Pepto Bismol pink.”


Wednesday, June 10, 2015
Tags:   Another Done Deal!! SOLD!

A group of local investors led by Lyle Chariff sold a retail development site in the emerging luxury shopping hotbed of the Miami Design District for $14 million to Wharton Equity Partners.


The deal represents a nice profit for 3711 Design District LLC, which acquired the 11,336-square-foot lot at 3711 N.E. 2nd Ave. for $8 million in 2013. The former home of Power Studios, the property is on the north side of the Interstate 195 overpass at the gateway to Dacra’s big retail project.
Chariff said the ownership group included his partner at Chariff Realty Group Mauricio Zapata and Leonard Abess, the former owner of City National Bank of Florida. They secured approval for a two-story building with 20,000 square feet of retail and a 9,000-square-foot rooftop entertainment/event deck. Chariff said they finished the wells and electrical transformers on the site so it’s ready to start construction. It would take eight to nine months to complete, he said.
“My plan and intention the whole time was to develop the property since I had inside information on leasing and acquisition in the area,” Chariff said. “Wharton first came into the picture a year ago. They were more than happy to pay more when all the entitlements were there.”
Chariff said he probably left money on the table because he believes the building would be worth $30 million when completed. But he’ll remain involved in the project. He said New York-based Wharton retained him as the broker for the building. Asking rents are $110 per square foot on the ground floor and $65 per square foot on the second floor.

Chariff said that’s well below the asking rates around $250 per square foot in the center of the Design District.
While there’s not a great deal of pedestrian traffic in the Design District now as the infrastructure is being finished, Chariff said retails have posted strong sales of luxury goods.
“We are seeing less of the non-high street retailers and more higher end corporate people looking for space, people with a long-term vision for the area,” Chariff said.


Tuesday, June 02, 2015
Tags:   Another Done Deal!! SOLD!

A Design District property across the street from the Palm Court Garage has traded hands for $6.9 million — up nearly 3.5 times in less than three years, The Real Deal has learned. 38th Street DD LLC, a Delaware partnership that includes developer Avra Jain and Miami-based investment firm 13th Floor Investments, sold the 3,224-square-foot building at 170 Northeast 38th Street, Lyle Chariff, president of Chariff Realty Group, told TRD. The commercial building, which was built in 1946, sits on a 10,250-square-foot lot. The partnership had paid $2 million, or $620 per square foot for the site in October 2012, according to Miami-Dade property records. The buyer in the deal, which closed on Monday, is Design Stage LLC, a Florida private equity firm, whose principal is Arnaud Sitbon, Chariff said. At $6.9 million, the price equates to $2,140 per square foot. Chariff and partner Mauricio Zapata represented both sides of the deal. “It was a very quick, quietly marketed transaction between an intimate group of buyers and sellers,” Chariff said. The new owners plan to tear down the building and redevelop it, he said. Chariff’s firm has brokered several sales and leases for the site since 2003, Zapata told TRD. The last lease was to the Stage, a nightclub that has since vacated the property. “The interesting thing is that when we last sold it, I had it listed it and I was talking to [13th Floor Managing Principal] Arnaud [Karsenti] and Avra, and they both were very interested, and the problem was who was going to get it. Both were going to pay the same thing, and the seller was saying ‘You make the choice; it’s the same deal,'” Chariff said. “At the final hour, I had them both come in, and I said ‘Listen guys, this is what we are up against. If you are going to buy it you have you to do it together,'” Chariff said. “And they made a partnership right there in my office, and they bought it.” The property is just south of the entrance to the Palm Court Garage, on Northeast 38th Street between Northeast First Court and Northeast Second Avenue. The pedestrian exit is a spiral staircase from the underground garage out into a reproduction of R. Buckminster Fuller’s Fly’s Eye Dome, which is centered in Palm Court’s plaza. Amid the changes in the Design District, prices for commercial property are rising exponentially. In March, New York-based Thor Equities paid $16 million for 56 Northeast 40th Street and 55 Northeast 39th Street. Also in March, Brooklyn-based RedSky Capital and London-based JZ Capital Management purchased 35 Northeast 40th Street, the home of Oak Tavern, for $28 million; and 1 Northeast 40th Street for $29.25 million. Last week, a property at the edge of the Miami Design District — whose tenants include Michael Schwartz’s Cypress Room — traded hands at triple its 2012 price. Investor Harry Benitah bought the 5,186-square-foot building at 3620 Northeast Second Avenue for $5.5 million from a partnership between Chariff, Zapata and Shawn Chemtov.


Wednesday, May 13, 2015
Tags:   Miami Design land prices Soar!!

Commercial land prices have gone sky high in the Design District over the past year or so, industry experts say, because it’s finally becoming a destination.

There was talk among developers a while back that this small Miami neighborhood – about 10 square blocks – could never be an area of the city where people would deliberately set out to visit, said Marc Shuster, a partner with Berger Singerman who focuses his practice on commercial real estate transactions. “That notion has been disabused by all the luxury retailers already there and coming in, paying up to $250 per square foot.”

Commercial land prices went up because “all the pieces are coming together” for building the Design District, Mr. Shuster said. The high-end retailers are established, he said, and the advent of office and hospitality is coming.

“Now, the district will need local lunch places where people can eat and the Design District will be a destination for years to come.”

Historically know as Buena Vista, this area is roughly bound by Northeast 36th Street (US 27) to the south, North 43rd Street to the north, Northwest First Avenue to the west and Biscayne Boulevard to the east.

In the 1980s and early 1990s, a number of historians and market watchers say, the Design District had fallen to urban decay. In the late 1990s and early 2000s, however, that arts and design stores began opening in some of the old warehouse buildings that dot the district.

Today, the Design District is growing in popularity and its name is almost synonymous with high fashion.

Mr. Shuster said developer Craig Robins should be applauded for what he’s done: purchasing many run-down buildings, renovating them and persuading top designers to relocate or open shops in the district.

These luxury brands have validated the area, said Lyle Chariff, president of Chariff Realty Group. The quality of the tenants and the fact that they are signing leases is the “Good Housekeeping” sign of approval, he said.

The Design District has seen land prices increase from $1,100 per square foot to $3,000 in a fairly short time, Mr. Chariff said. There are condo, hotel and retail projects still underway, so the next validation point will be when the bulk of them are built, which Mr. Chariff said is about three or four years away.

At that time, he said, industry experts will be able to re-evaluate what rents prices can be and determine the value of the improved real estate.

Mr. Shuster said it can sometimes be unclear which neighborhoods will “catch on fire,” but the hospitality and food ventures help create destination districts.

“There’s a lot of construction going on now, so we can’t really get a sense of foot traffic yet,” he said. “Once the projects are finished, we’ll start seeing more people walking around the district.”

No one is making more land in the Design District, Mr. Chariff said, so there won’t be much to buy once all the old buildings are purchased and developed. However, he said, neighborhoods around this part of the city – west up to I-95, particularly Northwest Second Avenue – have seen commercial land prices increase.

At one time, Mr. Chariff said, developers were paying $20 per square foot in this area but prices have now risen to at least $100 per square foot.

The Design District, like all parts of Miami, is not immune to global macro factors, Mr. Shuster said. Any bubble or meltdown will be felt, he said, but in step with the rest of our communities.

“There’s been a steady increase of development in the Design District,” he said. “The smart money will continue to invest, and it will remain a vibrant market.”


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LEASED! ANOTHER DONE DEAL
Romero Britto’s gallery to move to 532 Lincoln Road After more than two decades at...

SOLD! Another Done Deal!!
Jugofresh owner Matthew Sherman has sold the Biscayne Boulevard site in MiMo that he had...

ANOTHER DONE DEAL!! CHARIFF INKS IN PINK
Two pink houses, two new deals. Lyle Chariff and Mauricio Zapata, partners in Chariff Realty...

Another Done Deal!! SOLD!
A group of local investors led by Lyle Chariff sold a retail development site in the emerging...

ANOTHER DONE DEAL! SOLD!
A Design District property across the street from the Palm Court Garage has traded hands...

Miami Design land prices Soar!!
Commercial land prices have gone sky high in the Design District over the past year or so,...

Sales heat up in area from Wynwood to Design District - “It’s become a very hot, targeted area,” Chariff told TRD.
A vacant lot west of Midtown Miami has sold for $980,000, The Real Deal has learned, as...

Boulevard 57 gets new name, management, renderings revealed
Boulevard 57, an eight-story condominium tower planned for Miami’s Biscayne Boulevard,...

Bank of China and Deutsche Bank to Loan $600M for Miami Design District Development
A trio of lenders—Deutsche Bank, Bank of China and the French banking network Crédit...

Another Done Deal-SOLD!
2400 NE 2nd Ave Miami, FL. A 10,000-square-foot office building on 13,000 Sq. Ft of land...

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