ANOTHER DONE DEAL! SOLD!

Tuesday, June 02, 2015

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.

LEAVE A COMMENT
 
Name
 
Email Address
 
URL
 
 
Comment
 
< Back
 
73 NE 40 ST-DESIGN DISTRICT RETAIL 73 NE 40 ST-DESIGN DISTRICT RETAIL73 NE 40th Street is a brand new slice of modern elegance, articulated within th...
Noticias sobre o mercado imobiliario em Miami
Visit our Chairff Mobile website
South Beach Web Cam, Live South beach Webcam Miami Realtors Client login Points Of Interest Selling Commercial Marketing Plan
Chariff Realty Group
5801 Biscayne Boulevard,
Miami, FL 33137
Phone: (305) 576-7474
Fax: (305) 576-7494
Email: info@chariff.com
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...

< Visit Our Chariff Realty Group Blog

Today's Real Estate News and Advice Updated: Monday, July 16, 2018

5 Tips for Staging Your Home

If yoursquo;re in a tough sellerrsquo;s market or just looking to get top dollar for your ho...
> Full Story

Real Estate Experts and Lawyers Working Together: A Partnership for Growth

As residential towers and commercial buildings rise toward the heavens, as they pierce the c...
> Full Story

Industry Icons Saul Klein and John Reilly Join Realty Times as Executive Editors

June 28, 2018 Las Vegas, NV ndash;nbsp; Realty Times is pleased to announce...
> Full Story

6 Donts When Buying Your First Home

These are exciting times. Youve finally outgrown apartment life or living with your parents ...
> Full Story

Can You Use Bonus Income to Help Qualify for a Home Loan?

Yes, you can. But the bonus income needs to follow a few rules, first. Employees get paid in...
> Full Story

HOA Pencil Sharpening: Crunching The Numbers

Now is the time when most homeowner associations count last years costs and crunch next year...
> Full Story

Mother-In-Law Suite Requires Planning

Question: We have lived in our house for almost 20 years, and are considering selling...
> Full Story

The Art of Mastering Social Media in Real Estate

The Internet is an ever-changing world that we, as business people, must always stay on top ...
> Full Story

Millennials Become Landlords To Break Into The Housing Market

Getting into the housing market is tough in many Canadian cities. A new CIBC poll says that ...
> Full Story

The Most Important Customers Of A Brokerage May Be Its Agents

The >But others come to mind as well. State laws require brokers to exercise varying degrees...
> Full Story

Copyright © 2018 Realty Times®. All Rights Reserved