January 27, 2015
A New York-based investor has extended its already substantial holdings in Miami’s Wynwood neighborhood in a deal that looks like a relative bargain based on recent prices.
A company has purchased 1.16 acres on the northwest corner of Miami Avenue and Northwest 24th Street for $7 million, an attorney involved in the transaction told the Daily Business Review. The deal values the land, which has several warehouses and a duplex, at $138 per square foot.
Richard Golden, an attorney at Kramer & Golden in North Miami who represented the Del Rosal family as sellers, explained an agreement was made last year to purchase the lots from his client. The company also signed a contract for the newly sold lot but held off on the closing until Thursday to give the seller time for estate and tax planning.
“What happened was that when our client decided to sell the property, quite frankly they didn’t think they were going to sell it as quickly as they did,” Golden said.
After the initial transaction, the Del Rosal family, which owns Downtown Towing Co., purchased and built a new corporate headquarters in Allapattah. The company used a 1031 exchange to minimize taxes on both sales, Golden said.