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Big Things Miami!

Cashflow In Miami
September 19, 2021

Big Things Miami!

1688 Meridian Ave, SOBE

Florida-based Greenacres Management with New York roots picked up a 10-story office building in Miami Beach for $49.5 million.

1688 Meridian is a fully renovated building, built in 1961. The 10-story office building and parking lot last traded for $48.75 million, however that 2016 deal also included the office building at 1674 Meridian Ave., which was sold three years later for $10.1 million. The building is 81.4% leased.

The 88,419-square-foot office with a ground-floor restaurant was sold by Ivy Mbt Property LLC, an affiliate of Montvale, New Jersey-based Ivy Realty. The buyer was 1688 Property Owner LLC, managed by Ophira Cukierman in Scarsdale, New York. The price equated to $560 per square foot. The deal also included the 30,000-square-foot parking lot at 1699-1719 Jefferson Ave.

956 Washington Ave, SOBE

Astor hotel sold for $12,75 million.

The 42-room hotel at 956 Washington Ave. was sold by 1651 Astor LLC, managed by a company in Switzerland, to Victory Investments Group, managed by Anil K., Rajni B. and Sean Monga in Eatontown, New Jersey. The buyers are also in the cosmetics and perfumes business.

The Hotel Astor ceased operations after its operating tenant filed Chapter 11 bankruptcy reorganization.

The 23,047-square-foot hotel was developed on the 14,900-square-foot lot in 1936. The building includes about 4,000 square feet of restaurant space. It last traded for $5 million in 2008.

1331 and 1351 South Federal Highway, Boynton Beach

Apartment complex in Boynton trades hands for $171 million!!

Blackstone bought the One Boynton apartment complex for $171 million.

The 494-unit deal breaks down to $346,154 per door. The five-building One Boynton, built in 2009, includes a swimming pool, a garage and 43,236 square feet of retail on roughly 14.8 acres, property records show.

RangeWater Real Estate, founded in 2006 and led by President and CEO Steven Shores, bought the complex in 2016, when it was called Las Ventanas, for $109.4 million.

The buyer is managed by A.J. Agarwal, Kenneth Caplan, Frank Cohen, Giovanni Cutaia and Rob Harper, all of whom hold various titles in real estate at Blackstone. A member of the buying group is BCORE MF One Boynton Member, which ties to Revantage North America, a corporate servicer of Blackstone’s real estate portfolio.

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