Owner of Bâoli, Massa Investment Group, Acquires Miami Beach's Paris Theater For $13 Million

Massa Investment Group has acquired Miami Beach’s Paris Theater, located at 550 Washington Ave., for $13 million; $508 per square foot. The Art Deco building, which was first built in 1935, spans 25,589 SF. The building was designed by architect Henry Hohauser and has operated over time as a cinema, adult movie house, nightclub and film studio. U2, Madonna, Jennifer Lopez, Christina Aguilera and Ricky Martin have all shot music videos at the theater. Big Time Productions was the seller after acquiring the Paris Theater for $975,000 in 1992 and first listing the property for $23 million in 2015. The transaction was financed with a $15.2 million loan provided by IberiaBank. Massa Investment Group is led by Mathieu Massa who is also the owner of Mr. Hospitality, the firm behind some of Miami’s most exclusive venues including Bâoli, Marion and El Tucan.

Image via Paris Theater

Step Inside A Newly Revealed Venetian Islands Spec Mansion Asking $23.5 Million

Miami Beach ultra-luxury developer, Ramin Designs, in partnership with the top luxury broker, Nelson Gonzalez, have created a contemporary masterpiece on the premier southern lot of Miami-Beach’s Venetian Islands. From design to completion in less than one year, 10 W San Marino combines the developer's signature style of architectural simplicity with a deep respect for the surrounding natural beauty of the Venetian Islands.

10 W San Marino embodies the ideal combination of modern Miami Beach design, unobstructed views, outstanding outdoors for waterfront living, and deluxe amenities put together in a tasteful yet indulgent fashion. Ramin Designs + Development built 10 W San Marino with meticulous attention to detail, executing every aspect of the home to absolute perfection. The home was designed by Dunagan Diverio Design Group with a sophisticated yet relaxed lifestyle; capturing the best of waterfront living from every angle. Miami-based Brazilian firm, Artefacto, staged the home top to bottom with its high-end contemporary furniture in neutral palette, creating an atmosphere for modern yet comfortable luxury living. Fredric Snitzer Gallery curated a selection of works by internationally known contemporary artist to complete the presentation of this extraordinary home. 

10 W San Marino features a dramatic entrance with double-height ceilings and a striking 23-foot tall limestone piece with organic finish will welcome you into the expansive living areas. Wall-to-wall, automatic sliding glass doors expose jaw-dropping water, Downtown Miami, and Miami Beach skyline views throughout.

Built in 2020, 10 W San Marino spans 6 bedrooms with 6 bathrooms and a powder room. The home is split with four bedrooms on the second floor, while there are two bedrooms plus a theater on the first floor. Enclosed within the 12-foot high ceilings and beautiful limestone flooring throughout the first floor are a Boffi gourmet kitchen adjoined by a service kitchen to the back and a family room by the waterfront. The centerpiece of the home is the living room, while the dining area and the wet bar with a pocketed TV screen are the perfect place for indoor entertaining in style.

The master suite is enclosed with three walls of floor-to-ceiling glass offering the absolute best views in the house; Downtown Miami to the west and South Beach skyline to the east. A dream walk-in closet by Italkraft and a lavish marble bathroom with hers and his vanities and an oversized bathtub surround an opulent, glass-enclosed marble shower.

The touch of refined luxury is evident in every detail around the home; the smart technology controlled through Savant, the movie theater with a state-of-the-art sound system and lighting, the custom Italian frameless doors, the seamless white oak wood flooring, Porsche Design lighting, the ultra-modern Boffi fixtures, the invisible speakers inside of the home, the oversized outdoor speakers, etc. 10 W San Marino is also equipped with an air-conditioned two-car garage with space for a lift and a full house generator.

Outside 10 W San Marino features a rooftop deck with breathtaking views of Downtown Miami, a heated saltwater pool with spa, cabana with summer kitchen and 105’ of waterfront complete with a boat lift, IPE dock and new 10-foot seawall.

10 W San Marino is currently listed for $23,500,000 with Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty.

For more information about 10 W San Marino, private showings or purchasing/ leasing information please fill out the form below:

Goddard Investment Group Moves To Evict WeWork From South of Fifth Location

WeWork’s landlord at 429 Lenox Avenue, Goddard Investment Group, has moved to evict WeWork from their South of Fifth location at 429 Lenox Avenue in South Beach. The 43,500 SF building is fully leased by WeWork who skipped out on rent payments for April, May and June. An eviction notice reportedly alleges WeWork behind in excess of $650,000 in unpaid rent which must be paid by today or WeWork must vacate the property (July 7, 2020). WeWork first opened the South of Fifth location in early 2016 and is committed to the NNN lease until 2031. Goddard Investment Group financed 429 Lenox Ave. with a $23 million floating-rate loan issued by Granite Point Mortgage Trust, Inc. In Miami WeWork has other locations at 350 Lincoln Road, Brickell, Downtown Miami and Coral Gables.

Times have not been good to WeWork following its failed IPO in 2019. The coworking giant recently announced that it will being closing its first location to ever open in New York City and saw its valuation slashed from over $47 billion to $2.9 billion.

In May 2020, a group of WeWork’s members moved toward suing the co-working giant demanding that WeWork cease collecting rental fees. Many tenants had already requested rent relief, cancelled their leases or stopped paying, which put over $5.5 billion of CMBS loans backed by WeWork occupied properties at risk. Some of the CMBS loans back WeWork flagship locations in New York and San Francisco. WeWork has retained Newmark Knight Frank and JLL to try to renegotiate leases and negotiate concessions from landlords at some of their properties as the firm try to stave off a potential bankruptcy.

WeWork’s problems do not end there. Former CEO and co-founder Adam Neumann is reportedly under investigation for self-dealing by the New York State Attorney General. In addition, the Tokyo-based SoftBank led by Masayoshi Son and a special committee of WeWork board members have been locked in a legal battle after Softbank walked away from a $3 billion tender offer in April 2020 which was part of the $9.5 billion bailout package SoftBank signed with WeWork following WeWork’s failed IPO.

CitizenM Coming To 1212 Lincoln After Acquiring Hotel Piece From Crescent Heights

CitizenM is coming to South Beach after the Dutch hotel group purchased the hotel portion of Crescent Height’s 1212 Lincoln at the junction of Lincoln Road and Alton Road in South Beach. CitizenM paid $9 million for the 50 room hotel which is a part of the 1212 Lincoln mixed-use project which also includes over 70,000 SF of retail and 400 parking spaces. PROFILEmiami first reported that Crescent Heights was looking to bring in CitizenM to the 1212 Lincoln project in September 2017. CitizenM also has two other hotel locations under construction in Miami including Brickell and Miami Worldcenter in Downtown.

1212 Lincoln was designed by Perkins + Will and Plaza Construction is the general contractor on the project. The hotel portion rises 12-stories and the project will also include a 5-story parking garage and a Wells Fargo Bank. Crescent Heights has proposed a rooftop movie theater which is being reviewed by the city. Newmark Knight Frank is overseeing leasing for the retail component of the project. Completion is expected by 2022.

Tour A Rare Hurricane-Proof Oceanfront Estate In Miami Beach Asking $19.25 Million

A rare, “hurricane proof” Miami Beach oceanside estate with direct beach access has hit the market for $19.25 million. The home is owned by Mark R Keller, Chairman & CEO of Edge Funds, and his wife Carolyn Keller, Founder of EBeauty Community that specializes in assisting women undergoing cancer treatments.

Located on over 16,000 SF of well-appointed oceanfront land, the modern beach house spans 8,500 SF spread over 5 bedrooms, 6 bathrooms and 1 half bath. The home offers the ultimate entertainers escape right on the ocean complete with two full kitchens, breakfast bar, a theater and a main entertainment area equipped with a full bar and sliding glass walls that open up to the outdoors. To top it off the home offers 3 built in wine cellars, 3 fireplaces and all floors throughout house, pool area, terraces, and balconies are covered in sandblasted marble.

Outdoors is the perfect place to relax or entertain complete with a pool, jacuzzi with waterfall, a built-in sunken cabana with seating for 20 people with a fire pit, a covered dining area and and an outdoor kitchen. The estate also features gated direct beach access via a grass veranda and a guest house.

Due to the direct ocean exposure, the home was built to endure whatever the South Florida elements can throw at it. The home is built like a bunker with concrete and steel reinforcement across the entire property, able to withstand 257 mile winds and rain. The glazing and doors are “hurricane proof” as well by Windoor 8100 series, the highest rated hurricane doors manufactured. The 7 AC units feed air handlers are strategically located throughout house and if a hurricane was to pass through the property comes with Gas Kohler Generator 50KW to power the entire house.

Mark Keller has developed, acquired and managed as an owner over US$7 billion in real estate investments.  Prior to founding Edge, Mr. Keller was a co-founder, Chief Executive Officer and Trustee of Republic Property Trust, a NYSE publicly-traded real estate investment trust with an office building portfolio valued in excess of US$1 billion.

7815 Atlantic Way is currently listed for $19,250,000 with Miltiadis Kastanis of Douglas Elliman. 

Images via LPG for Douglas Elliman

For more information about 7815 Atlantic Way, private showings or purchasing/ leasing information please fill out the form below:

Check Out The Newly Revealed Max Strang-Designed Modern Farmhouse On Miami Beach's Allison Island Asking $15.3 Million

Clara Homes, led by luxury home developer James Curnin, has launched his new Miami Beach single family luxury development concept, Modern Farmhouse, asking $15.3 million on Allison Island. The spec home was designed by local starchitect Max Strang and is a refreshing change from the ultra-modern waterfront homes that have been replacing the city’s classic Mediterranean mansions.

The home will feature over 7,000 SF under HVAC, on a 16,200 SF lot with 75’ of prime water frontage. The layout offers five bedrooms, six full bathrooms, two-half bathrooms plus staff quarters. The home will also feature a gym with an outdoor terrace including a full bathroom and inferred sauna can easily be converted to a sixth bedroom. The large chef’s kitchen will feature appliances from Wolf/Sub-Zero, Boffi cabinetry and custom marble slab, accompanied by Dornbracht plumbing fixtures. 12’ ceiling height on the main level allows natural light to flood the entertaining spaces laden with wide-planked European white oak flooring.

Outdoors offers a covered outdoor kitchen and beautiful pool area overlooking the private dock with no fixed bridges to open ocean access. The property also will feature lush landscaping to create a sense of privacy and tranquility.

The developer James Curnin is the great-grandson of Jack Parker, founder of Jack Parker Corp. which developed the Le Parker Meridien hotel in Midtown Manhattan. After graduating from University of Miami in 2008 he joined the Jack Parker Corporation before pursuing ground-up, single family home development opportunities in West Hollywood and Bel Air. In Los Angeles he hired and worked closely with architects Philip Vertoch and Paul McClean on three residential developments comprised of over 60,000 SF and $55 million in closed transactions including a $24 million home on Doheny Drive. By 2017, having sold all three Los Angeles homes, James set sight on Miami Beach where he established Clara Homes, and continues to focus on high end homes.

The Modern Farmhouse is located at 6431 Allison Road and is currently listed for $15,300,000 with Oliver Lloyd of Douglas Elliman.

For more information about 6431 Allison Road, Miami Beach, private showings or purchasing/ leasing information please fill out the form below:

Douglas Elliman Releases May 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has just released its May 2020 New Signed Contracts Report, which reveals that the number of newly signed contracts across property types in Florida was at a high last month, despite there being lower levels of new listing inventory coming online. The Florida report includes the five counties of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough, focusing on the new contracts signed and new listings that entered the Florida Market during the entire month. The regions are broken up by two property types: single family and condo, as well as county, borough, or area. New contracts and new listings for each property type have been broken out by eight price tranches depending on regional pricing, on a year to year basis. Douglas Elliman will be producing a monthly recurring report similar to this one during the first week of each month to cover the prior month’s number of new contracts signed and new listings to provide a data-driven picture of the rapidly changing market.

Palm Beach County

Overview:

• Despite lower levels of new listing inventory coming online, the number of new signed contracts across property types pressed higher

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts for homes jumped 27.7% to 3,444 contracts 

• Listing inventory dropped 37.9% to 1,381 units

• There was a 49.3% decline in the number of new listings for homes priced below $200K

Condo: 

• Number of new signed contracts for condos increased by 16.6% to 2,033 contracts

• Listing inventory declined 28.7% to 906 units

• 111 condos priced above $1M went into contract, a 40.5% increase from the number of condos that went into contract in May 2019

Broward County

Overview: 

• There was a larger rise in overall single family new signed contracts than for overall condo new signed contracts

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 33.4% to 3,499 contracts

• Listing inventory slipped 42.3% to 1,389 units

• Listing inventory dropped by 66.4% for homes priced below $200K to 48 units

Condo:

• Number of new signed contracts increased by 19.2% to 2,491 contracts

• Listing inventory dropped 35.1% to 1,108 units 

• 89 condos priced at or above $1M went into contract, a 50.8% increase from last year  

Miami-Dade County

Overview:

• Despite the significant drop in single family and condo new listings during the spring, a noticeable uptick began in May

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 36.2% to 3,284 contracts

• Listing inventory declined 40.7% to 1,232 units

• Listing inventory for homes priced below $200K saw a 60.6% decline

Condo:

• Number of new signed contracts edged up 4.1% to 3,058 contracts

• Listing inventory dropped 42.6% to 1,386 units

• There were 91 new listings for condos priced between $600K to $799K, a 52.4% drop from last year’s 191 new listings for similarly priced condos  

Pinellas County

Overview:

• Along with the atypical drop in new listings introduced to the market this spring, new contract signings surged for both single families and condos

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 45.3% to 2,519 contracts

• Listing inventory decreased by 33.4% to 974 units

• Homes priced at or above $1M saw a 100.0% surge in the number of new signed contracts for a total of 132

Condo:

• Number of new signed contracts rose 32.3% to 1,143 contracts

• Listing inventory fell 34.9% to 443 units

• 25 condos priced between $800K to $999K went into contract, a 108.3% increase from last year

Hillsborough County

Overview:

• There was a significant surge in new signed contracts for both single family and condo properties as listing inventory remained slow to enter the spring market

Key Metrics (Year to Year)

Single Family:

• Number of new signed contracts increased by 66.6% to 4,266 contracts

• Listing inventory slipped 37.5% to 1,594 units 

• 200 homes priced between $600K to $799K went into contract, a jump of 124.7% from last year 

Condo: 

• Number of new signed contracts rose 53.2% to 521 contracts

• Listing inventory fell 25.0% to 216 units

• There was a 425.0% rise in homes priced at or above $1M that went into contract

By Isabella Zimmermann

An Iconic Lincoln Road Book Store and Cafe Is Closing After 30 Years

Lincoln Road has been hit by yet another closure as Books & Books has shut its doors after more than 30 years. Located at 927 Lincoln Road in The Sterling Building, the asking rents were too high for the independent bookstore which also has several other locations including Coral Gables, Coconut Grove, Downtown and Bal Harbour. Owner Mitchell Kaplan reportedly said that in addition tot he rising rents, the impact of COVID-19 contributed to his decision to permanently close the store. Over the past 10 years Books & Books had already moved to a smaller space within The Sterling Building and stopped operating the outdoor cafe. Books & Books will reportedly look for a new Miami Beach location.

Other retailers to vacate their Lincoln Road locations include Steve Madden from Thor Equities’ 663 Lincoln Road, Kiehl’s at 540 Lincoln Road. This month Books & Books’s landlord Sam Herzberg sued to evict both Diesel USA and Perry Ellis/ Original Penguin from The Sterling Building for failing to pay April and May rent. Herzberg is also planning a 144-key hotel addition to the building after the City of Miami Beach recently changed zoning to allow hotels on parts of Lincoln Road.

Shay Kostiner Sells 44 Star Island Lot For $10 Million

Shay Kostiner, managing director of Fifth Avenue Capital Partners, has sold his vacant lot at 44 Star Island for $10 million to Hartstone Investments. Techrin Hijazi of Brown Harris Stevens, who had previously co-listed the property, represented the buyer and seller in the transaction. The pie shaped lot covers 1.1 acres with 209’ of waterfront. The transaction includes plans for a 27,000 SF mansion with 9 bedrooms and an 8 car garage designed by DOMO Architecture and Design. Kostiner first acquired the property in 2010 for $7.25 million and was met with backlash when he went to demolish the vintage monterey style estate before gaining approvals. He first listed the property for $24 million in 2016.

Check Out The Newly Revealed Italian Designer Units At The Ritz-Carlton Residences Miami Beach

The Ritz-Carlton Residences, Miami Beach, has revealed a selection of Italian designer move-in ready units by Flexform, B&B Italia and Baxter. The luxury condo building was completed in February 2020 and was designed by renown Italian architect Piero Lissoni as his first full-scale project in the U.S. The Ritz-Carlton Residences, Miami Beach was developed by Lionheart Capital, a Miami-based real estate development firm, and is the largest residential adaptive reuse project in South Florida.

The Flexform furnished unit is a 3 bedroom, 3.5 bathrooms spread over 2,634 SF of interior space and 244 SF of exterior space priced at $3,425,000. The B&B Italia model residence is a 4 bedroom with a den and 3.5 bathrooms spread over 3,820 interior SF and 650 exterior SF. The home includes honed silk georgette limestone flooring, Terre de Siene wood oak flooring in bedrooms, Lualdi oversized solid-core doors, and more. The B&B Italia unit is listed for $5,231,000. The Baxter residences is a 3-bedroom with a den, family room and 3.5 bathrooms with 3,835 interior SF of space and 708 exterior SF. The residence is listed for $5,780,000.

The Ritz-Carlton Residences Miami Beach features 111 residences and offers a selection of world-class amenities including the world’s first residential art studio, 36 private boat dockages and private on-site captained day yacht, an ecological food forest and community garden, a half-acre rooftop pool deck with private cabanas, a private cinema-style screening room, a meditation garden, and a medical concierge. The building also features over 20 private elevators and private suites.

For more information about The Ritz-Carlton Residences, Miami Beach, private showings or purchasing/ leasing information please fill out the form below: