119 NW 24 Street

Sold to:
Turnberry & Partners

119 24TH ST LLC acquired  a 14,500 SF site at 119 NW 24 Street for $7.75M in Wynwood, Miami.  The sale closed on 1/25/24.

The site is zoned T5-O within Wynwood’s NRD-1 overlay, allowing up to 5 stories as of right, and 8 stories with bonuses. From a density perspective, the site allowed 50 residential units as of right, and 75 residential units with bonuses, or 100 hotel keys as of right and 150 hotel keys with bonuses. The value on a per square foot basis breaks down to $534.

Juan Andrés Nava, Managing Broker at Metro 1 Commercial and Bernardita Banfi represented both buyer and seller in the off market transaction.

“Wynwood is going through an inflection point now, with most construction fences coming down this year, the neighborhood is materializing in an incredible exciting form.  What this buyer has planned for the project will be a great addition to the neighborhood” –  said Juan Andrés Nava

In December of 2022, Rock Soffer purchased the adjacent site at at 127 and 135 Northwest 24th Street and 128 and 138 Northwest 25th Street from the Bacardi Family for $13.1M.  This purchase adds to the portfolio totaling 43,000 SF.