Zach Vella Buys Waterfront Development Lots On Venetian Islands For Record $15 Million

Celebrity developer Zach Vella has acquired two adjacent waterfront development lots on Miami’s Venetian Islands for his private residence in Miami. Vella paid $15.2 million for 228 and 302 West Dilido Drive, a dirt value of $688 per square foot, which surpasses the Venetian Islands’ record land sale which was previously $6.5 million for 412 West Dilido Drive set in 2016. Jim Agard of Vendôme Capital represented the seller and Natalia Gryczynska of Brown Harris Stevens represented the buyer.

The seller was Lionel Masson, the founder of Pharmacies Lafayette in France, who had planned two spec homes on the site. Masson initially acquired the properties in 2018 for $11.5 million and demolished two homes on the site. Vella is the founder and CEO of the Los Angeles and New York City-based real estate development firm Vella Group, and is also a managing board member of Miami’s Magic City Innovation District.

Worth Avenue Tiffany & Co. Building Sells For $26.4 Million

A joint venture led by an entity tied to Fortress Investment Group has sold 259 Worth Avenue in Palm Beach, anchored by luxury jeweler Tiffany & Co., for $26.4 million to Motcomb Estates, a London-based real estate investment firm. The selling price breaks down to $1,612 PSF. The selling joint venture acquired the property for $20 million in 2018 and is made up of the New York-based Fortress Investment Group, Kean Development Co. and Hyde Retail Partners.

The joint venture gained approvals to build a 5-bedroom, 13,000 +/- square foot penthouse atop the property which would a private rooftop with infinity edge swimming pool, dining area and fire pit, as well as easy access to fine dining, world class fashion and art, and is a short stroll away from the beach. Kean Development Company was leading the renovation and Douglas Elliman listed the pre-construction penthouse for $17.5 million.

259 Worth Avenue was first developed in 1950. The retail building spans 16,374 square feet and is located on a .22-acre site on Worth Avenue, an upscale shopping and dining destrict spanning four blocks in Palm Beach.

The Shops At Sunset Place In South Miami Sells For $65.5 Million To Alex Vadia's Midtown Equities

Midtown Equities, led by Alex Vadia, has acquired The Shops At Sunset Place for $65.5 million from FRIT Shops at Sunset Place, a joint venture between Federal Realty Investment Trust (NYSE: FRT), Grass River Property and The Comras Company. The 9.7-acre, 524,180 square foot shopping center, which is located at 5701 SW 72nd St., Sunset Drive in South Miami, last traded for $111.5 million in 2015, representing a significant loss for the selling joint venture. The shopping center’s current occupancy is reportedly just below 60%, a significant gap from the reported 83% in March 2020.

The Shops at Sunset Place was initially developed in 1999 and plans have been approved for a major renovation which would include the addition of 414 rental apartments, 182 hotel rooms, reducing the retail component to 440,148 square feet and adding 32,840 square feet of office space. The impact of COVID-19 stalled the development plans when Federal Realty Investment Trust was hit with a $50.7 million net impairment charge in Q3 2020 when its $60.6 million non-recourse CMBS loan matured and was declared in default by the lender.

JP Morgan Chase Bank Office Building In Weston Sells For $8.9 Million

The JP Morgan Chase Bank office building in Weston, FL, has sold for $8.9 million. The 26,782-rentable-square-foot office building, anchored by JP Morgan Chase Bank, is located at 1040 Weston Road in the high-barrier-to-entry submarket that generates significant buyer interest. HRE/SEFIRA Weston Office, LLC, was the seller, and Shaked 21, LLC, was the buyer in the transaction which was overseen by Avison Young’s Florida Capital Markets Group led by principals David Duckworth; John K. Crotty, CCIM; Michael T. Fay, who is also Managing Director of the firm’s Miami operations; Vice President Brian C. de la Fé; and Associates Emily Brais and Berkley Bloodworth.

“The Chase Bank building is 100% occupied and, with medical tenants comprising more than 60% of the tenancy, garnered notable investor interest in a market where buyers are seeking stable, recession-proof assets,” said Duckworth. “Ultimately, our team secured the right buyer for the sale, allowing our client to realize a positive return on investment during a pandemic after a three-year hold.”

Avison Young In 2017, the Avison Young team facilitated the sale of the same building to HRE/SEFIRA Weston Office, LLC, as part of a two-building portfolio spanning approximately 63,000 square feet for $13 million. The HRE/SEFIRA partnership, led by Highline Real Estate Capital Principal David Moret, completed a series of cosmetic improvements to the Chase Bank building which enabled ownership to increase occupancy from 84% to 100% and increase rental rates to generate a 52% gain in the price within three years.

“Overall, sales activity has picked up since the end of the third quarter and into the fourth, as buyers have more clarity on where the market is going and are eager to place capital,” said Crotty. “The buyer in this deal acquired a property that has performed extremely well throughout the pandemic and is poised to continue to do so as we transition into the new normal.”

One of the most desirable, high-barrier-to-entry suburban office locations in Broward County, Weston is part of the Southwest Broward submarket, the only submarket in the county to report positive net absorption in third-quarter 2020.

Ken Griffin Buys 10 Star Island For $25 Million, Bringing Star Island Assemblage To $95 Million

The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has expanded his Star Island assemblage with the acquisition of 10 Star Island for $25 million. In August 2020 an entity tied to Ken Griffin acquired the adjacent double lot with Miami Vice views of Downtown Miami at 11 and 12 Star Island Drive in an off-market deal for roughly $37 million. Soon after, Griffin would purchase 13 Star Island for $32.5 million after the property was previously linked to Alex Rodriguez and Jennifer Lopez. The acquisition of 10 Star Island brings his assemblage to roughly $95 million.

Ken Griffin’s net-worth is estimated to be about $15 billion and he has been one of the largest luxury property buyers in the world over the past several years. In 2015 Griffin purchased two penthouses in Faena House on Miami Beach for a record at the time $60 million. He recently sold the larger of the two penthouses for $35 million and is now reportedly under contract to sell his second penthouse, which is currently listed for $12.5 million. In 2019 Griffin purchased a $240 million unit at 220 Central Park South in Manhattan, NYC, in a deal that broke the record for the most expensive residential transaction ever recorded in the U.S. In Palm Beach Griffin has assembled $350 million of land at Blossom Way and South Ocean Blvd. where he began buying in 2012.

ARTE by Antonio Citterio Breaks Record With $33 Million Triplex Penthouse Cash Sale In Surfside

ARTE, a new oceanfront luxury condominium developed by Alex Sapir and Giovanni Fasciano, have announced the record-breaking sale of its triplex penthouse for $33 million. The all-cash transaction is Miami Beach’s third most expensive penthouse sale in the last seven years, and represents the highest price per square foot ever recorded in the city’s exclusive Surfside neighborhood. In the transaction ARTE was represented by Tara West of Douglas Elliman Development Marketing and Ryan Serhant of Serhant Group and Julian Cohen of Jills Zeder Group represented the buyer.

“We’re thrilled to have sold this penthouse at a record-breaking price for Surfside and Miami Beach, as ARTE is much more than an ordinary luxury condominium,” said Alex Sapir, Chairman of Sapir Corp LTD, whose Israel- and New York-based subsidiary, SC 8955 LLC, developed the project. “Buying at ARTE is like joining an exclusive club reserved for the domestic and international elite who place a premium on privacy, architecture and service, an experience that one can attain at the finest hotels and resorts around the world without the transient environment. We aimed to design a lifestyle that would allow for buyers to always feel like they’re on vacation, even if Miami is their permanent residence. The dedication to the experience and design has been the mission from day one and we hope that all these details are what resonated with the penthouse buyer, as there’s nothing else comparable in the city.”

At roughly $4,300 per square foot, the five-bedroom residence has shattered the previous Surfside record of $3,656 price per square foot. The penthouse at ARTE also secured the second-highest price per square foot in Miami Beach’s penthouse history. The transaction represents the third-most expensive penthouse sale in Miami Beach within the past seven years.

“The world’s most affluent people with homes across cities like London, LA and New York are now coming to Miami for its warm weather, beautiful beaches, tax benefits and unique lifestyle,” said Giovanni Fasciano, developer partner at ARTE. “We are truly the premiere luxury condominium that can offer them the privacy and services that they have come to expect. The design and quality of ARTE will stand the test of time. We are proud to hold the record for most expensive penthouse sale in Surfside and the second-highest price per square foot in Miami Beach’s penthouse history. The titles are truly reflective of the amount of thought and care that went into developing such a special project.”

The triplex penthouse is the crown jewel of ARTE. At 7,681 interior square feet, the penthouse features five bedrooms, five bathrooms, two powder rooms, and an additional 6,260 square feet of terrace space with 360-degree panoramic views of Miami Beach, the Atlantic Ocean and the illustrious Surfside shoreline. The home also includes a private rooftop lounge featuring a show-stopping, 23-foot swimming pool, a wraparound pergola in Botanic Green Quartzite, as well as a fully equipped kitchenette. The record-breaking penthouse was sold completely furnished by Visionnaire, a leading Italian design brand, with showrooms in the U.S. and around the world, to a highly sophisticated individual from New York who works in private equity.

With ARTE, a 12-story luxury oceanfront building comprising of just 16 exclusive residences, Alex Sapir and Giovanni Fasciano created a masterpiece in Miami’s condominium market. Featuring a stunning design by Italian master architect Antonio Citterio, ARTE offers impeccable interiors and finishes, as well as ten-star amenities and service. ARTE was built to cater to an exclusive selection of buyers who have not found quality design, exclusive privacy, or outstanding service anywhere else in Miami.

ARTE residents enjoy a robust suite of amenities not found in other Miami luxury condominiums. They include a 75-foot indoor swimming pool, an outdoor swimming pool and beachfront meditation pond, a rooftop tennis court, state-of-the-art fitness center and yoga studio, sauna and steam room and dedicated pet runway and relief corridor. Additional facilities include a children’s playroom, residents’ lounge, catering kitchen for out-of-home entertaining, and private temperature-controlled parking spaces.

For more information about Arte by Antonio Citterio, private showings or purchasing/ leasing information please fill out the form below:

The Estate Companies Acquires Site For Soleste NoMi Beach In North Miami Beach

The Estate Companies, a subsidiary of Estate Investments Group (EIG), has closed on the future site of Soleste NoMi Beach in North Miami Beach for $13.1 million. The project was approved in September 2020 and was designed by Form Group. The 1.78-acre site is located at 16395 Biscayne Blvd. and currently features an 8,249 square foot retail building which will be demolished. The seller was Biscayne Cove LLC, an entity managed by Enrique R. Puig, and the deal included $1 million in seller financing. When complete, Soleste NoMi Beach will rise 23-stories and will feature 367 apartment units, 2,708 square feet of commercial space and 655 parking spaces. Amenities will feature a pool deck, spa, fitness center, co-working space and a landscaped rooftop garden.

Fortune International Group Announces $6.6 Million Sale In Herzog & De Meuron-Designed Jade Signature

Fortune International Group has announced the $6.6 million sale of a move-in ready residence, No. 4901, in the developer’s award-winning Jade Signature condominium tower in Sunny Isles Beach. The transaction represents the sale of the last remaining residence outside of Jade Signature’s “The Collection,” a portfolio consisting of the tower’s most luxurious offerings, including two-story Sky Villas and a soon-to-be-unveiled two-story penthouse, ranging from $11.9 million to $29.5 million. The listing agent was Fortune Development Sales and the in-house agent assisting the sale was Elizabeth Garcia. The buyer was represented by Saddy Delgado Abuanza with One Sotheby’s International Realty.

“This residence is among the most stunning in Jade Signature – reflective of the building’s overall attention to detail that has made it among the most sought-after in South Florida,” said Edgardo Defortuna, President and CEO of Fortune International Group. “Representing our last residence outside of “The Collection” offerings, the sale of No. 4901 is a testament to the tremendous demand among well-heeled buyers to live in this tower, as each of our turnkey homes have been met with almost immediate purchase.”

The sale No. 4901, which was finished by Fortune International Group Construction Division, is the latest in a string of recent turnkey residence sales at the property, including seven over the past year, as the pandemic only amplified the demand for fully finished, move-in-ready residences. Jade Signature was designed by Pritzker prize-winning architecture firm Herzog & de Meuron, with interiors by Parisian interior design firm PYR and landscaping by architect Raymond Jungles Inc.

The unit featuresflow-through views of both the ocean and Intracoastal Waterway, the five-bedroom, six-and-a-half-bath home features 4,953 square feet of space as well as 1,454 square feet of sprawling terraces. Stunning accents and finishes abound, including exceptional millwork and an utterly timeless palette of beige and white, complemented by floor to ceiling glass windows and sliding doors throughout and the addition of artfully placed bronze mirrored panels to reflect the beautiful colors of the sea.

The light-filled residence is complemented by 10-foot ceilings, walls of glass, and an open floor plan. Designed for entertaining, the home features a family room, living room, dining room, bar, playroom and service quarters. The unit also features a kitchen with European designer cabinetry handcrafted by Snaidero and appliances by Gaggenau® and Sub-Zero®. The master bedroom boasts a resort-like feel with a separate sitting room and master baths featuring PYR custom-designed cabinetry and modern twin basins.

Currently, a limited number of residences remain for sale within the building, including Jade Signature’s “The Collection,” a compilation of two-story Sky Villas and a two-story penthouse, ranging from $11.9 million to $29.5 million. Next month the two-story penthouse will be revealed which offers all of these world-class features as well as a private pool, gym and 360-degree views.

Urbanica Closes on Two New Lots In Edgewater For Hotel Development Project

Urbanica has recently acquired two new properties located in Edgewater as part of a land assembly that they started two years ago. The two purchased properties are next to each other and located at 237 NE 32 ST and 229 NE 32 ST, the closing price was $1.57M and $1.7M respectively. The transaction was overseen by Stefano Santoro of Current Real Estate. Urbanica now owns four lots for less than $10M in the same area, as they are planning to develop a full-service hotel featuring 12 stories and 200 rooms. The hotel will also include two floors dedicated to parking with 150 spaces, a Japanese Restaurant with 4,000 SF, 7,000 SF dedicated to event space with a banquette kitchen, and different amenities including a rooftop pool, gym, lobby and a game room on the ground floor.

The project is estimated to break ground in the second quarter of 2021, and the grand opening is planned to occur by the end of 2022. Urbanica started as a development company that grew its operations into real estate investment management, vertically integrating its company structure. Last summer, they also bought a site for $38M in Miami Beach. Urbanica currently owns multiple properties in Buenos Aires and the Miami area, including Urbanica The Meridian Hotel, Urbanica Euclid Hotel and Urbanica 5th, all of them located in Miami Beach.

By Eduardo Cohen

PMG Reveals MKDA-Designed Society Wynwood After Acquiring Final Piece of Assemblage For $11.5 Million

Property Markets Group (PMG) and Greybrook Realty Partners have submitted their plans for Society Wynwood for approval by the Wynwood Design Review Committee after acquiring the final piece needed for their 1.93 acre assemblage. The JV between PMG and Greybrook acquired 2407 NW 2nd Ave. for $11.5 million from a JV between RedSky Capital and JZ Capital Partners. The PMG and Greybrook JV acquired 1.6-acres at 2421-2455 NW 2nd Ave. in August 2019 for $46 million from the Doris D. Friedopfer Trust. Society Wynwood is part of PMG’s social community initiatives and when complete will span 522,008 square feet.

Society Wynwood will include 326 residential units, 41,258 square feet of retail space, 211 parking spaces and a 3,980 square feet underground lounge. The unit breakdown includes 96 studios spanning 410 square feet, 30 one-bedroom units spanning 654 square feet, 72 two-bedroom units spanning 780 square feet, 114 three-bedroom units spanning 1,190 square feet, and 6 four-bedroom units spanning 1,370 square feet. The building is designed by MKDA and features an interior courtyard, rooftop bar and restaurant, rooftop pool and spa deck with an outdoor theater, yoga area and BBQ area. The project will also feature murals on the side painted by Alexandre Farto, paying homage to Wynwood’s street art culture. Additionally, PMG will contribute to the Wynwood Public Benefit Trust Fund in exchange for a parking reduction of 192 parking spaces. The transit oriented project already benefited from a 30% parking reduction due to proximity to public transportation.

Scott Sherman’s Tricera Capital has a deal to acquire the commercial spaces upon completion of the project. PMG plans to break ground on Society Wynwood project in early 2021.