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.”