March 18, 2016
A stretch of property in Miami’s Wynwood Art District sold for $22 million, a 633 percent gain from its last trade 17 months ago.
The 26,764-square-foot building on a 49,000-square-foot lot at 201 N.W. 21st Street and 210 N.W. 22nd Street was listed about a month ago by Metro 1 Commercial’s Tony Cho and Tony Arellano, who brokered the sale. Its rapid sale for a premium comes amid a flood of investment in Wynwood, where restaurants and retail are flourishing. The neighborhood was recently rezoned by the city for buildings up to 12 stories.
Metro 1 said the new zoning would allow a building of up to 139,866 square feet with 62 residential units on the site.
“Wynwood is an extremely special and unique sub-market and we are very proud to have been part of its creation and evolution.” said Cho, whose firm closed $65 million in sales in March in Wynwood. “It requires keen market knowledge and experience to fully understand and communicate the incredible value and the tremendous upside potential of this neighborhood.”
Wynwood Propco, managed by Remy Jacobson in Aventura, sold the property to 201 NW 21 LLC, managed by Miami Beach investor Sam Herzberg, who has made numerous investments in South Beach and the Miami Design District.
Attorney Jonathan Beloff, of Beloff Law, represented Herzberg in the deal.
Jacobson’s company acquired the property for $3 million in October 2014. It was built in 1941.
The $22 million price equates to $822 per square foot of building or $449 per square foot of land.
“I am exceptionally pleased with the sale of my property and the efficient way the transaction was managed,” Jacobson said. “Metro 1’s expertise, knowledge and proficiency in Wynwood is unmatched in this market. I was incredibly impressed with the way they have handled my properties and their knowledge about the issues that affect the market.”
It’s just south of where developer Moishe Mana plans to build the 9.72-million-square-foot Mana Wynwood mixed-use project.