May 22, 2015
Metro 1 – Miami’s leading full service real estate organization is intensifying its leadership in South Beach with over $10 million in sales in the first quarter of this year including a record-breaking price per square footage sale, a multi-million dollar sale in 35 days, a multi-family building in the Art Deco district sale and a new listing on coveted 5th Street.
With the closing of the sale of 245-251 Washington Avenue for $8,250,000, at a record price of $634.62 per square foot in South of Fifth, Metro 1 continues to strengthen its leadership in the industry and in Miami Beach. The 13,000 square-foot parcel was one of the last remaining double lots in the neighborhood available. Surrounded by lavish residences, world-class dining and superb hotels, it was the only ground-up development opportunity with 100 feet of frontage directly on Washington Avenue.
The second sale was for a vacant lot at 1435 Bay Road, on the market for less than a month making this an exceptional accomplishment. It comprises an 11,000 square-foot corner space and is surrounded by high-end condominiums offering an ideal opportunity for a luxury project. This and 245-251 Washington avenue sales were procured by Metro 1 Land and Development Executive Director Peter Andolina for $2.7 million to a Venezuelan developer.
In the famed Art Deco district, Metro 1 broker Fabian Graff sold a 16-unit multi-family building located at 940 Jefferson Avenue. This single-story historic building encompasses 6,206 square feet on a 7,000 square foot lot and sold for $2,875,000. The property was bought four months previously, representing the continuing opportunities for real estate investment in South Beach.
In addition to the closed sales, Metro 1 has secured a new listing in South Beach for the vacant lot located at 803 5th street, a gateway location right at the entrance to South Beach. The parcel is a 10,000 square-foot corner lot, the only vacant land available on 5th Street making it a landmark property and paramount listing for Metro 1. South Beach continues to be a highly sought after development site for investors and Metro 1 is right at the forefront of this ardent market.
Metro 1 has shaped Miami’s urban core neighborhoods including Wynwood, the Design District, the Arts & Entertainment District, Downtown Miami, the Little River District, Edgewater, the Upper Eastside and Sunset Harbour throughout the last decade. Ramping up its presence in Miami Beach with $10 million in sales in the first quarter of 2015 marks a considerable milestone for the real estate organization.
“Although we have always been very active in Miami Beach, we believe we can add value to the neighborhood with our expansive and multi-faceted reach,” explains Tony Cho. Miami Beach has become a beacon for investors and developers from New York, Venezuela and Canada that are capitalizing on the area’s continually evolving development.