Ytech Acquires 1500 Brickell, One Of The Last Remaining Historic Estates On Brickell Avenue

Miami-based real estate development and investment firm Ytech have acquired a historic mansion located at 1500 Brickell Avenue. Ytech is completing a multi-million dollar restoration and renovation of the property which is slated for completion by Q1 2023. The property joins Ytech’s ownership portfolio of prime addresses in Brickell including 1428 Brickell Avenue, 1548 Brickell Avenue, and 75 Broadway, among others. Ytech was represented by Stuart Kapp of KappMorrison, LLP in the acquisition.

“The acquisition of 1500 Brickell Avenue underscores our commitment to the area which is the epicenter of growth in Miami,” said Yamal Yidios, CEO of Ytech. “The restoration will bring to life the significance of this historic property, which when complete will serve as a complement to our luxury residential development efforts in Brickell.”

Originally built in 1931, the property, referred to as “Château Petit Douy,” was designed to resemble the Priory in Saint Julian, France and reflects the period revival style of architecture common during the first half of the twentieth century. Located in what was then known as the Millionaires’ Row neighborhood, the home remains as one of the few historic mansions left on Brickell Avenue. The property gained its historic designation status in 1983.

Since 2006, Ytech has developed and redeveloped more than 7,000 apartments in 25 submarkets across the Southeast United States, involving over $2 billion in capital. In addition, the firm currently has a development pipeline of more than $3 billion in residential projects in the Brickell area.

Beachfront Estate With Ocean Views In The Exclusive Golden Beach Leases For $50,000 /Mo.

The luxury real estate market across Miami continues to stay hot and one of the county’s few true beachfront homes in the exclusive Golden Beach community has leased for $50,000 per month to a crypto and NFT investor. Located at 125 Ocean Blvd., the home offers one-of-a-kind ocean views and private beach access. 125 Ocean Blvd is a 5 bedroom, 6.5 bathroom home spanning 5,373 SF on a 21,300 SF lot with 75’ of oceanfront. The home was listed with Christian Rodriguez with Homeside Realty Corp and the lessee was represented by Frederika ‘Kiki’ Rutten with ONE Sotheby’s International Realty.

The luxury rental market has been extremely hot over the past few months. Recently a home on Hibiscus Island rented for $125,000 per month, a home on Key Biscayne’s Mashta Island leased for $100,000 per month and a home on Indian Creek leased for $120,000 per month. The condo rental market is hot as well where a unit a PARAMOUNT Miami Worldcenter recently leased for $36,000 per month.

AKAI Estates Sells Record Breaking Home For $15 Million In Southwest Ranches

The luxury housing market in South Florida continues to surge as a top executive migrating from Chicago has purchased a home in AKAI Estates in Southwest Ranches for a record $15 million. The home is set to break ground in late October and was conceptually designed by internationally acclaimed Vasco Vieira, in partnership with local architect of record Jiro Yates. Previously, the highest sold property in Southwest Ranches was for $11.5 million at 15990 Griffin Road.

With the nation experiencing a major housing shortage, South Florida remains the hottest market in real estate, in part due to the opportunity it presents to obtain a premium property with land, such as the one at AKAI Estates. This sale solidifies the type of quality estate buyers are looking for in this current market which is why South Florida will continue to see these sales throughout neighborhoods like Southwest Ranches, which continue to attract noteworthy individuals migrating to South Florida for the better climate, tax incentives, and more.

“We are thrilled to continue to see the out-of-state, and local, buyer interest in AKAI Estates,” said Alex Yokana, Developer of AKAI Estates. “South Florida and specifically Southwest Ranches have been top of mind for many high net worth individuals and families when considering where to base themselves and this property sets itself apart from the limited inventory available.”

The model selected by the buyer will feature six bedrooms and eight and a half bathrooms within three floors of open space. The 15,983 square foot estate beautifully merges indoor and outdoor living spaces. For entertainment, the pre-construction estate will include a 4,491 square foot swimming pool with a customized two bedroom guest house, a spa and full size basketball court. The estate’s upscale kitchen boasts appliances by Miele.

AKAI Estates will feature 16 estates and is being developed by Alex Yokana, Jairo Vela, and Amos and Michael Sochaczevski. Bento Queiroz Team under Compass is the exclusive sales team for the development. The Alex and Joe Team from compass represented the buyer.

“When looking for a new estate, AKAI Estates was the perfect location that provided my family and I with the seclusion and level of luxury we were looking for," said the AKAI Estates buyer. "We initially thought Miami Beach would be our choice, but Southwest Ranches and AKAI Estates delivered on everything we were seeking, including allowing me to work directly with design consultants and world-renowned architects to bring my architecturally impactful property to life."

Southwest Ranches is popular with celebrities, athletes and business executives because it offers convenient access to Miami and Fort Lauderdale with plenty of privacy and rarity which is exactly what AKAI Estates, the luxury single-family community in Southwest Ranches, is offering. As part of a prestigious suburban landscape, the 44-acre community offers five distinct spectacular models, each delivered on two acres of private property which makes AKAI Estates even more unique.

Actor And Producer Christian Slater Sells Classic Coconut Grove Home For $4.258 Million

American actor and film producer Christian Slater has sold his Coconut Grove home for $4.258 million after only 3 days on the market and for 10% above asking price. The home is located at 3618 Saint Gaudens Rd. Liz Hogan and Charles Celesia with Compass represented Slater in the transaction and the buyer, Mafer CG LLC, was represented by Jeannette Behrens with Berkshire Hathaway HomeServices.

The Italian-inspired home features four bedroom, three and half baths and spans 3,370 SF. The first floor of the main house is perfect for entertaining with a living area, fireplace, den, and a dining area that opens up to the outdoor pool space via three custom-arched mahogany doors. The renovated kitchen boasts SubZero, Viking, and Miele appliances with a large pantry, breakfast and dining nook area. On the second floor lives the remaining three bedrooms and two full bathrooms. The oversized master suite features a dreamy Juliet balcony with views of the pool, a large walk-in closet and en-suite marble bathroom with separate shower and soaking tub. There is also a massive rooftop terrace with several seating areas and chairs for lounging.

Outdoors features a large heated pool and impact windows and whole-home generator. The home also features a detached guest suite with bedroom and full bathroom with steam-shower.

Slater's latest career hits include Dr. Death, Inside Job and Mr. Robot. He made his film debut with a leading role in The Legend of Billie Jean and gained wider recognition for his breakthrough role as Jason "J.D." Dean, a sociopathic high school student, in the satire Heathers.

Images via 1oak Studios

Ken Griffin Expands Brickell Holdings As Citadel Leases 95,000 SF At 830 Brickell

The multi-billionaire hedge fund magnate Ken Griffin, who founded the Chicago-based Citadel Securities, has continued to expand his Brickell portfolio while Citadel signed a lease for 95,000 SF at OKO Group’s 830 Brickell office tower. Griffin announced earlier this year that both Citadel and Citadel securities will move to Miami from Chicago. Through an entity Griffin acquired acquired the adjacent 1250 Brickell Bay Drive and 1260 Brickell Bay Drive for $20 million, the lots total roughly 6,655 SF. The lots are adjacent to 1221 Brickell Avenue, which an entity tied to Citadel reportedly acquired in June 2022 for $286.5 million.

The assemblage of properties spanning from 1221 Brickell Avenue to 1250-1260 Brickell Bay Drive is across the street from 1201 Brickell Bay Drive, which Citadel was revealed as the buyer of after Tibor Hollo’s Florida East Coast Realty sold the 2.5 acre supertall development lot in a $363 million mega-deal also in April 2022. The price equated to $145 million per acre, $3,340 PSF dirt value. Citadel is planning to develop the property with the Chicago-based developer Sterling Bay.

The lease signing at 830 Brickell comes following the news of developers OKO Group and Cain International buying WeWork out of their 146,000 square foot lease covering 10-floors. WeWork was one of the first to sign a major lease at the Class A office tower in 2019 which was set to become their largest location Florida. Rents at 830 Brickell are now in excess of $125 PSF, representing a 42% rise year-over-year. Other top-tier office users who have signed leases at 830 Brickell include Microsoft, international law firm Sidley Austin LLP, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap, and others.

The news comes as the Miami office market continues to boast one of the lowest vacancy rates with absorption faring better than other competing markets across the U.S, according to the Miami Downtown Development Authority’s 2021 Office Market Report. In fact, Downtown Miami was the only major urban office market in the country to achieve net-positive absorption in 2021.

Gridline Properties Represents Seller And Buyer In Sale Of Ebb & Flow Retail Strip Center In Miami's Little River District

Ebb & Flow, a retail strip center in Miami’s Little River District, has sold for $18.15 million, marking one of the largest sales in the neighborhood, testifying to the areas growth the progress. Ebb & Flow is a unique retail strip center comprised of two buildings on two lots measuring 32,000 square feet and 81,224 square feet. The property closed on July 22 for $18.15 million and is located at 8200 NE 2nd Ave., and 201 NE 82nd St., Miami, FL 33138.

Both sides of the all-cash transaction were overseen by Gridline Properties Broker and Principal Alfredo Riascos. The seller was Thomas Conway of River Esquinas, LLC, and the buyer was Doug Levine, founder of Crunch Fitness and CEO of commercial real estate development firm Big Move Properties. Prior to the successful sale, Gridline Properties assisted the seller with leasing its retail spaces ensuring the property for future success.

The Ebb & Flow property sits in the heart of Little River’s Uptown District, one of Miami’s most exciting and emerging neighborhoods. The strip houses Primal Fit, Eyebrow King, La Santa Taqueria, Salon Dahlia, Tran An Vietnamese Eatery, and Off Site Nano-brewery & Kitchen—exciting tenants that have received culinary, fitness, and beauty recognitions. Additionally, the T6-8-O zoning for the property allows for the future development of 280 residential units offering the possibility of developing a mixed-use space.

“We are excited to be involved with transactions that continue to drive progress and innovation to Little River’s Uptown District, one of Miami’s most exciting neighborhoods," said Riascos. “Representing both the seller and buyer in this large of a sale proves to be as satisfactory as it is complex—yet both parties come out on top to serve this thriving community that we are honored to be a part of.”

A hub for re-adapted industrial buildings, the Little River Business District has attracted an array of creative and design-oriented businesses that have spontaneously identified the surrounding neighborhood as one of Miami’s most up-and-coming districts. It is home to a wide variety of businesses, tenants, and owners that have transformed one of Miami's oldest industrial areas into a neighborhood that promotes creativity, design, and innovation.

Radio Mogul Tom Joyner Sells Golden Beach Oceanfront Home For $19 Million

Retired radio legend Tom Joyner has sold his incredible beachfront villa located in the ultra-exclusive town of Golden Beach. The home, which is located on a four-block stretch at 469 Ocean Blvd. and was featured as an Architectural Digest cover story, sold for $19 million. Dina Goldentayer with Douglas Elliman represented both sides of the transaction.

The tri-level villa offers 3 bedrooms and 4 bathrooms spread over 7,340 SF. The home underwent a $7.5 million renovation in 2020 from designer Deborah Wecselman of Wecselman Design, architect Wesley Kean of KoDA, contractor Larqcon Group, and landscape architecture firm Enea. The home features ocean views from nearly ever room and a foyer transformed into an art gallery with pieces from Picasso, Robert Pruitt, Allora & Calzadilla, and Ernie Barnes; finished with a custom Bocci pendant light hanging from the ceiling over the architectural staircase.

The master bedroom occupies the entire third floor featuring stunning bathroom with a glass encased RiFRA tub in the center of the room plus a large open dark wood closet.

Outdoors features a seaside swimming pool with spacious verandas, summer kitchen, beachside louvered cabana and direct access to a private beach.

Golden Beach is the only private community with homes on the sand in South Florida. The ultra-exclusive gated community has its own police force, private beach with pavilion and beachside service, tennis courts, basketball court, multiple parks and kids playground.

Images via Mike Ruiz with Become Legendary

Electric Feel Entertainment Founder And CEO Austin Rosen Buys 6417 Pine Tree Drive Circle

Electric Feel Entertainment Founder Austin Rosen has purchased 6417 Pine Tree Drive Circle for $12.5 million after acquiring the neighboring 6401 Pine Tree Drive Circle also for $12.5 million last year. With the acquisition Rosen now has 185’ on the water and 37,135 SF of land. 6417 Pine Tree Drive Circle, Miami Beach, is a 6 bedroom, 7 bathroom house spanning 4,855 SF. The Mediterranean waterfront home was designed in 1935 by Russell Pancoast. Both sides of the transaction, which closed on July 25, 2022, were brokered by Jordan Karp of Jordan Karp LLC.

Rosen also purchased a commercial building at 235 NE 29th St. near Midtown for $5.6 million in 2021.

Electric Feel Entertainment is a music management, publishing studio and label with over 215+ billion streams. The company was founded by Rosen who is manager of Post Malone, Iann Dior, 24KGoldn, and more. He also founded EF Ventures which helps connect talent and founders of emerging brands in a variety of industries including food and beverage, tech, fashion and Web3.

Sabal Development Sells Waterfront Miami Beach Spec Home For $16 Million On Hibiscus Island

Sabal Development, an award-winning Miami-based builder and developer who specializes in luxury custom homes, has sold a newly constructed 5,243-square-foot waterfront spec home on a 0.24-acre lot located at 79 N Hibiscus Drive, Miami Beach, FL 33139 for $16 million.

“We are pleased to sell this impressive waterfront property in Miami Beach’s exclusive Hibiscus Island for $16 million,” said Pascal Nicolai, CEO and Founder of Sabal Development. “Miami continues to be a hot real estate market, and we take pride in creating homes that offer modern, luxury living.

Located within the exclusive Hibiscus Island, this stunning waterfront home was built in 2022 and overlooks the pristine Biscayne Bay. Built by Sabal Luxury Builder with interior design by TOGU Design, the home includes five bedrooms, five full bathrooms and one powder room. The home’s impressive elements include an open dining area with a spacious chef’s kitchen, a full suite of Miele appliances, solid oak wood furnishings, Cotto d'Este tile throughout and Toto and Kohler fixtures in each bathroom.

Lourdes Alatriste of Douglas Elliman represented the seller, Pascal Nicolai, founder and CEO of Sabal Development and Sabal Luxury Builder. Marko Gojanovic and Reid Heidenry of ONE Sotheby’s International Realty represented the buyer, Alejandro Montealgre.

DRA Advisors and CP Group Acquire Iconic Office Building 'Miami Tower' In Downtown Miami For $163.5 Million

DRA Advisors and CP Group have acquired Miami Tower, a 627,152-square-foot trophy office tower in Downtown Miami’s Central Business District for $163.5 million. Mike Davis, Dominic Montazemi, Mike McDonald, Miguel Alcivar, Rick Brugge, Rick Colon, and Adam Spies of Cushman & Wakefield represented the seller, USPO Miami, LLC, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield also arranged the acquisition financing through PGIM on behalf of the buyer, DRA Advisors and CP Group.

“Miami Tower is a hallmark icon of the Miami skyline with a storied history,” said Montazemi, Executive Managing Director at Cushman & Wakefield. “CP Group together with DRA have a vision to elevate the asset with significant capital investment and plans for modernizations that will place Miami Tower as a category-defining option for tenants seeking the very best transit-oriented workplace solutions together with state-of-the-art on-site amenities.

Additionally, “The asset’s live-work-play environment and location in an area that has had more than $23 billion worth of recent development happening will continue to attract interest from established businesses in and outside of Florida,” said Davis, Executive Vice Chair at Cushman & Wakefield.

Located at 100 SE 2nd St., Miami Tower is a trophy asset that spans 47 stories and is currently 67% occupied while historically averaging 90% or better. The office tower features a unique triple-tiered light display and best-in-class amenities such as an on-site conference center, fitness facility, Sky Lobby and Sky Terrace event space, ground floor retail, and adjacent Hyatt Regency Miami Hotel. It’s also the only office building in Miami that is fully connected into the city’s public transit system with an integrated Metromover station, which provides nearly immediate access to Miami Central station.

Miami Tower has been a critical part of the city’s public and business community since it was built in 1987, and significant capital has been invested in renovation projects over the years to maintain it. Under new ownership, the office tower offers potential value-add through further enhancements to its amenities.