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Big Things Miami!

Cashflow In Miami
September 17, 2021

Big Things Miami!

7745 Harding Avenue, North Beach

We have a picture of one of the properties bought.

A New York City investor spent $31 million to purchase 2 apartment buildings with 141 units for an average of $220K per unit.

Records show the entity, Kerem North Beach Apartments bought the 12 properties between Byron and Carlyle Avenues from 75th Street to 84th Street. Kerem is an affiliate of another similarly named entity managed by Brooklyn-based real estate investor, Yonason Greenwald.

The seller is New York investor Elliot Sohayegh. Sohayegh sold the North Beach portfolio for 45 percent more than his price two years ago.

According to property records, the buildings were completed between 1940 and 1958. The largest one, at 7745 Harding Avenue, has 26 units. The other 11 buildings have between 7 to 16 units, each. The deal involved individual transactions for each property. Kerem picked up a total of 141 apartments at $219,858 per unit.

The buyer is a multigenerational buy and hold investor and is planning to renovate and rent stabilize all the units.

1006 and 1022 Bay Drive, North Beach

LeFrak picks up 108-unit waterfront complex for $24,5 million.

The sale breaks down to 226,852 per unit.

Marina Del Rey, which varies in height from two- to four stories, was built in the 1950s on 1.4 acres.

The Finvarb family – led by Richard, Robert and Ronny Finvarb – bought the property in 1997 for $2.1 million, according to a deed.

1000, 1020 and 1030 Collins Avenue, South Beach

Chetrit Group sells Fairwinds hotel for $42 million to its operator.

Royal Stays Miami, led by Yedidiah Buchwald, acquired the 104-key property.

The deal breaks down to neary $404,000 per room.

Chetrit affiliate CG Fairwinds LLC paid $14.5 million for the three-parcel assemblage in 2012, according to property records. The buildings were developed as far back as 1936, and were renovated prior to the pandemic. They sit on a 0.7-acre lot.

The Art Deco hotel features a rooftop pool, poolside bar and lounge, coffee shop and cafe, according to its website.

COMO hotel changes hands for $70 million.

2445 Collins Ave, South Beach

A 74-room hotel in Miami Beach recently sold for one of the largest per-room prices in South Florida this year. This equates to approximately $950,000 per room.

The hotel's previous owner was Como Traymore LLC, a subsidiary of New York-based COMO Hotels and Resorts.

--COMO Hotels and Resorts purchased the property for $17.5 million in early 2012, according to county records. So, it made a 300% profit on the eight-story hotel in less than a decade of ownership.

COMO Metropolitan Miami Beach was previously the Traymore hotel. At the time it was purchased in 2012, the Traymore Hotel was shuttered and had been foreclosed upon.

The property was renovated under COMO Hotels and Resorts' ownership. Italian designer Paola Navone designed the renovated property, and it currently features a beachfront pool deck, a rooftop hydrotherapy pool and the Traymore by Michael Schwartz restaurant and bar. The hotel will be renovated once again now that it is under new ownership. It'll be converted into a Fasano-branded hotel.

Fasano is a Brazilian hotel brand that recently debuted in New York City with the Fasano Fifth Avenue hotel.

Retail property in SOBE sells for $15,4 million.

1681 Lenox Avenue, SOBE

Witkoff, led by Chair and CEO Steven Witkoff from New York , bought the free-standing building at 1681 Lenox Avenue from an affiliate of New York-based real estate development, investment and management firm Marx Realty.

Yard House, a modern American cuisine restaurant with a wide selection of tap beers, leases the property, including outdoor dining space.

The 14,952-square-foot, single, story building, constructed in 2014, is on 0.4 acres, property records show. Marx’s affiliate paid $3.4 million for the real estate in 2007.

Multifamily in Overtown sells for $11,5 million!!

The owner of Citywalk Apartments, tied to Miami-based Armos Investments, listed the property at 415 Southwest Ninth Street after renovating some of the 92 units. The apartments were built in 1950, records show. 92 units sale equates to $125,000 per unit. Armos Investments, through its Citywalk Apartments LLC, bought the property in May 2016 for $5.1 million, a deed shows.

Citywalk Apartments includes three two-story buildings on 1.2 acres. The property includes a 1,250-square-foot vacant area that could be developed with retail or another commercial use; a 90-square-foot management office; and an 800-square-foot laundry room that originally was an apartment, according to an offering memorandum. All units are 478-square-foot, one-bedroom.

According to the property’s offering memorandum, of 18 currently vacant units, eight have been remodeled, four have been partially remodeled and two are in fair condition and still can be rented out. The remaining four need to be upgraded.

The mixture of renovated and non-renovated units accounts for a wide variation in monthly rents, ranging from $650 to the $900s. Once an apartment is fully upgraded, it could rent for as much as $1,150 a month, though few apartments currently are at this rate, according to the memorandum.

Overtown is hot , hot, hot.

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