Greenstone Property Group Acquires Miami Multifamily Portfolio From Ytech For $119 Million

The Miami-based Ytech has sold a multfamily portfolio in Miami totaling 677 apartment units for $119 million to the New York-based Greenstone Property Group. The dual transaction included the $41 million sale of Ocean House NoBe, a 186-unit multifamily property in the North Beach area of Miami Beach that Ytech purchased for $27.1 million in 2015, and the $78 million sale of Lake House, a 491-unit multifamily property in Miami Gardens that Ytech bought for $14.3 million in 2012.

“Developments like Ocean House and Lake House are critical for unlocking the widespread social opportunities embedded in any emerging neighborhood enabled through smart municipal policies and urbanization, binding the need for economic prosperity, environmental stewardship, and social mobility,” said Yamal Yidios, CEO of Ytech. “This sale marks the start of a new phase of growth for Ytech as we evolve from over a decade of industry expertise in the multifamily space to being a well-capitalized developer of luxury condominiums in the Brickell neighborhood.”

Ytech carried out its vision for Ocean House in the form of public space improvements, better infrastructure, and the modern renovation of apartment units. It purchased properties on Tatum Waterway Drive, which included 1,000 linear feet of waterfront land, from both public and private companies, as well as multiple owners of co-owned condominiums. The series of 13 complex transactions involved additional complicating factors, such as termination of condominiums and swap agreements, among others.

Ytech redeveloped Ocean House NoBe over four years, assembling and renovating 23 contiguous low-rise apartment and condo properties along 7745-7790 Tatum Waterway in Miami Beach. The site is occupied by approximately 1,000 residents. Ytech’s efforts transformed the neighborhood while preserving original structures and maintaining the scale and character of the district. The property, which covers three city blocks, is within walking distance to the beach, famous Collins Avenue, and an array of fine retail and dining destinations.

The Fasano Coming To South Beach After JHSF Acquires The Art Deco COMO Metropolitan Miami Beach Hotel

The Brazil-based real estate development firm JHSF, led by Fábio Auriemo, has acquired the COMO Metropolitan Miami Beach hotel at 2445 Collins Ave. for $70 million, roughly $946,000 per key. The off-market transaction was overseen by Susan Gale of ONE Sotheby’s International Realty, who represented both the buyer and seller. The acquisition is JHSF’s first in South Florida and they plan to renovate the property and rebrand it into a Fasano.

The property features 74-keys and was first developed in 1939. It was previously known as the Traymore Hotel. It features a beach club, a ground-floor swimming pool with pool garden, a rooftop swimming pool, gym and a restaurant which is currently Traymore by Michael Schwartz.

Imagery via Susan Gale, ONE Sotheby’s International Realty

Boxing Legend Floyd Mayweather Buys Palm Island Waterfront Mansion For $18 Million

Boxing legend Floyd Mayweather has dropped $18 million on a waterfront mansion on Miami Beach’s prestigious Palm Island. Mayweather closed on 288 South Coconut Lane on Palm Island nearly one year after he sold his home on Miami Beach’s Pine Tree Drive in October 2020 for $6.3 million. 288 South Coconut Lane was listed for $19.9 million with Dina Goldentayer of Douglas Elliman and Tanasha Pettigrew of Galleria International Realty represented Mayweather.

288 South Coconut Lane was developed in 2011 and offers 9-bedrooms, 10.5 bathrooms spread over 10,853 SF. The home was designed by Ramon Pacheco of Pacheco Architecture and features a gym, chef’s kitchen, dining room, master-suite with views of Biscayne Bay and parking for up to 10-cars. The lavish home also features a landscaped roof deck, private dock, pool and unobstructed views of Downtown Miami’s skyline and Port Miami.

Miami’s ultra-luxury waterfront real estate market has been on fire lately. Recently Dreampact Ventures co-founder Fued Sadala purchased 9814 West Broadview Drive in the Bay Harbor Islands for $12 million, a record for a waterfront sale in the neighborhood; famed musician and producer partners Emilio and Gloria Estefan sold their Star Island “guest estate”for $35 million; real estate investor Andrew Mirmelli recently closed on a Hibiscus Island home for $21 million before immediately listing it for $30 million; spec home developer James Curnin sold his Modern Farmhouse on Allison Island for $13,875,000; and the Miami-Dade record for most expensive home was broken with the currently under construction 3488 Saint Gaudens Road in Coconut Grove selling for a record $65 million.

Images via Douglas Elliman

Master Brokers Forum Listing: Step Inside An Oceanfront Art Deco Masterpiece Penthouse At Faena House

Master Brokers Forum: Master Brokers Forum member Dora Puig presents this impeccably designed Faena House penthouse - an Art Deco masterpiece by Wetzels Brown Partners. Faena House is one of the most exclusive boutique towers in Miami Beach, created by Foster + Partners. Penthouse A is a mansion in the sky with 270-degree views of ocean, city, and bay. The residence offers six beds and 6.5 baths in 6,400 square feet of living space and nearly 4,000 square feet of exterior space. The unit also features a private elevator foyer arrival into a fine art gallery, Nanz ebony handles, Italian terrazzo floors throughout entertaining areas with dining for 14 guests, high-gloss ebony bookcase by Metrica and LED lighting, Molteni gourmet eat-in kitchen and Miele appliances, an oceanfront master suite with custom-built ebony furnishings, rare textured and hand-painted walls in all bedrooms, and all baths equipped with Dornbracht and Duravit fixtures.

Faena House 3315 Collins Ave. Penthouse A, Miami Beach is currently listed for $34,950,000 with Dora Puig of Luxe Living Realty, who can be reached at 305-613-2118 and/or dora@dorapuig.com.

The Master Brokers Forum is a local network comprised of South Florida's elite real estate professionals. Learn more at www.MasterBrokersForum.com.

Images via Luxe Living Realty

This article was produced in partnership with Master Brokers Forum

Emilio And Gloria Estefan Sell Their 1 Star Island Waterfront "Guest Estate" For $35 Million

Famed musician and producer partners Emilio and Gloria Estefan have sold their “guest estate” located at 1 Star Island Drive on the prestigious Star Island, for $35 million. The sprawling residence sits atop 58,332 SF of prime waterfront land. The one-of-a-kind property had been owned by the Estefan’s as their guest home for more than 20 years. Jill Eber of The Jills Zeder Group at Coldwell Banker represented the Estefans and Todd Nordstrom of Compass represented the buyer, an LLC that financed the purchase with a $20.7 million loan from Bank of America.

“This breathtaking estate has been a very special place for our family and friends, and it offers a level of safety, privacy and elegance that is simply unmatched,” said Emilio Estefan.

Prior to the sale the Estefan’s brought in award-winning architect Carlos Ott to conceptualize plans for the next evolution of the estate.

The current estate’s main house is a sprawling, two-story Floridian-style home, features five bedrooms, four full bathrooms and one half bath. The elegant residence boasts a spacious living room with a fireplace, a private dining area, a graceful piano room and a large kitchen with breakfast room. The second-floor master suite features a romantic master bathroom with a cast iron pedestal sunken tub and flaunts a sweeping private veranda that overlooks the backyard.

The property also includes a separate, private three-bedroom, three-bath guesthouse which sits at the front of the property near the gated entrance. The guesthouse features a large center courtyard with covered loggias and seating areas, a living room with soaring 30’ ceilings, a combined kitchen/dining area and a spiral staircase that leads to the family room.

Out back, the estate features 240’ of water-frontage complete with unobstructed views of both Biscayne Bay and downtown Miami. Additional amenities include a private dock with electric boatlift, an expansive pool terrace, a jacuzzi, an outdoor gazebo and 24-hour Star Island security.

Star Island has experienced an extremely hot market over the past several years. Lennar Executive Chairman Stuart Miller kicked off a long list of transactions on the prestigious island when he acquired Thomas Kramer's former 4 and 5 Star Island Drive for $33 million. Miller also developed and sold an ultra-luxury spec home at 22 Star Island has sold for $49.5 million in an off-market deal, followed by Roger and Sloan Barnett acquiring the neighboring 46 Star Island Drive for $39 million from Marc Iacovelli. In June 2020 Shay Kostiner sold his vacant lot at 44 Star Island for $10 million. Prior to their break-up Alex Rodriguez and Jennifer Lopez acquired 13 Star Island Drive for $32.5 million. Billionaire hedge fund magnate Ken Griffin of Citadel Securities has amassed a $95 million Star Island assemblage. In August 2020 Griffin acquired the adjacent double lot 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 and 10 Star Island for $25 million.

For more information about homes on Star Island, private showings or purchasing/ leasing information please fill out the form below:

Beach Towing Purchases Sunset Harbour Commercial Property For $6.5 Million

Longtime Sunset Harbour tenant Beach Towing has acquired a commercial property South Beach’s Sunset Harbour neighborhood for $6.5 million. The property is located at 1349 Dade Boulevard in Miami Beach and consists of a 2,600 SF building and a 17,932 SF lot.

The transaction was overseen by Colliers Urban Core Division led by Colliers' Executive Managing Director Mika Mattingly and Associate Cecilia Estevez, who represented the seller Festa Family Trust. Eric A. Gonzalez of Roca Gonzalez, P.A. was legal counsel representing the Festa Family Trust in the sale of the property.

“Sunset Harbour has undergone an incredible transformation,” said Mattingly. “This is the first neighborhood I farmed, selling a good chunk of the market’s available land at the time. The area has exploded with development since then.”

Beach Towing has operated an automobile storage and towing company at the property since 1986. The towing company began operations when the property was within an Intensive Commercial District (C-6), which grandfathered the company in when the zoning was changed three years later to Commercial Medium Intensity (C-5). Beach Towing operates as a legal, non-conforming business.

Sunset Harbour has been one of South Florida’s most in-demand neighborhoods in Miami. Miami Beach developer Ronny Finvarb recently acquired a 10,200 SF Sunset Harbour site at 1790 Alton Road for $4 million. Down the road Eighteen Sunset, a mixed-use residential and commercial building featuring office space and an ultra-luxury penthouse, is currently being developed by Deco Capital Group.

Modern Chinese Dinner Club Concept Jia Opens in Miami Beach's South of Fifth Neighborhood

A brand new modern Chinese Dinner Club bringing elevated Cantonese-style cuisine and eclectic elegance has opened in Miami Beach’s South of Fifth neighborhood in South Beach. Led by local restaurant veteran and hospitality entrepreneur, Ken Ray, Jia, is the first concept to introduce elevated Chinese cuisine to the area, spearheaded by award-winning internationally renowned Executive Chef Weng Choon “William” Lai, with notable expertise in the Modern Cantonese Culinary Arts. Jia extends the ultimate upscale South Beach dining and nightlife experience, in a relaxed and welcoming setting that fuses high-style design with an edgy yet sophisticated ambiance.

“We are beyond thrilled to finally be able to open the doors to Jia and bring such a unique experience to the South of Fifth area – a genuine synergistic fit,” says Ken Ray, Owner of Jia. “From the very start, we let the neighborhood and space dictate the Jia concept. The South of Fifth community has the heart of a small island in the Pacific, and the vibrancy of an exceedingly electric city. There couldn’t be a more ideal spot for Jia’s introduction in Miami.”

Jia’s menu presents an elevated combination of authentic Cantonese-style Chinese dishes with a contemporary spin on the classics, that exudes an elegant fusion of ingredients and flavor profiles. The restaurant’s executive chef, Weng Choon "Wiliam" Lai, has earned him many awards, including the Gold Award at the Chinese Cuisine World Championship Competition (2016), the Gold Award at the 19th FHC China International Culinary Arts Competition (2017), and the Asian Gourmet Chef Individual Special Gold Award (2017). Having held lead roles in multiple prestigious restaurants in Beijing, Thailand, Cambodia, and Macau, including the Michelin guide-listed Pak Loh Chiu Chow restaurant in Macau, Jai’s culinary focus is poised to raise the bar for modern Chinese cuisine standards, beyond that of just South Beach.

One of Jia’s standout dishes is Chef’s Master Char Siew, an iconic honey-roasted pork dish representative of authentic Chinese BBQ culture, that has long been a staple of tradition in Chef Weng Choon’s hometown. Chef adds his own creative take to the dish by infusing white wine as the star ingredient, to replace the norm Chinese Rice Wine.

There is also a specialty late-night menu available Thursdays through Saturdays, from 11PM-1AM, featuring a diverse selection of delicious bites such as Edamame Dumplings, Crispy Honey Garlic Chicken, Prawn Siew Mai, and many more.

“Jia’s menu fuses authentic Chinese delicacies with a contemporary twist that emboldens each dish with a variety of seasonings and spices to create that strong depth of flavor,” says Chef Weng Choon “William” Lai, Executive Chef of Jia. “It’s a really exciting menu that doesn’t fall short on offerings for guests to enjoy from Jia’s Crispy Mushroom Salad, to Black Truffle Sticky Rice, Short Rib Dumplings, Pekin Duck, Alaska Crab Cream Egg, and so much more!”

Jia’s cocktail program is led by acclaimed local bartender and internationally-recognized Bartender of the Year Finalist at the 2013 United States Bartenders’ Guild and DIAGEO World Class U.S. Bartender Competition, Michael Parish. Having worked alongside some of the city’s top bartenders at two of Miami’s local’s favorite establishments, Broken Shaker and Sweet Liberty Drinks & Supply Co., Parish has designed a uniquely elevated cocktail menu to perfectly complement Jia’s signature Chinese cuisine.

One of the menu’s headliner cocktails is the delicately crafted Jungle Bird, made with Baijiu, Mezcal, Strawberry-Infused Apertivo, Grilled Pineapple, and Fresh Lime. Guests can also look forward to a tableside cocktail service and an extensive champagne pairing program, available by the glass and bottle.

Jia’s ambiance embodies the playfully polished vibe of its South of Fifth neighborhood home, with a design that reflects Jia’s bold personality and inherent cultural definition of appreciation and affection. An inspired fusion of Chinese, Art Deco, and Tropical Flair, merge to emit a high-energy spirit that reflects edgy modern elegance throughout the 2,500 sqft. space. International design consultation firm, Casa Conde & Associates, worked hand-in-hand with Jia’s founder, Ken Ray, to conceptualize every minute detail of the venue, from the Chiang Mai Dragon veiled walls to the rustic natural wood accents and focal bamboo chandeliers.

At the middle of the dining room area lies an inviting 12 person seated wrap-around marble bar. Here, Ray tapped famed Miami Ink tattoo artists, Ami James and Morgan Pennypacker to create custom hand-painted Asian tattoo-styled murals to complement the bar’s Raffia backdrop adorned with vibrant detailed Chinoiserie decorative art.

The restaurant features a glamorously decorated private dining lounge and spacious outside dining patio. The private lounge area/dining room lives in the back of the restaurant, with seating for up to 25 guests, offering a closed-off space for exclusive dinner parties and elevated entertainment scheduling such as Karaoke night, which will soon roll out as one of Jia’s weekly night programs.

Jia is located at 808 1st St. in Miami Beach.

Images via World Red Eye/ Seth Browernik

James Curnin Sells Max Strang-Designed Modern Farmhouse Spec Home On Miami Beach's Allison Island For $13.875 Million

Spec home developer James Curnin of Clara Homes has sold his latest single family spec home project, a Modern Farmhouse on Allison Island, for $13,875,000 to ADW Capital’s Adam Wyden. Located at 6431 Allison Road, the deal was overseen by Oliver Lloyd of Douglas Elliman. The Modern Farmhouse was first listed for $15,300,000 in June of 2020.

The Modern Farmhouse is situated on a guard-gated Island is designed by renowned architect Max Strang. The home spans 7,000 SF spread over five bedrooms, six full bathrooms, two-half bathrooms plus staff quarters. A gym with an outdoor terrace including a full bathroom and inferred sauna can easily be converted to a sixth bedroom.

The home also features a large chef’s kitchen attached two-car garage, second level family room and separate den. Finishes include 12’ ceiling height on the main level allows natural light to flood the entertaining spaces laden with wide-planked European white oak flooring. The Modern Farmhouse also comes smart home powered by the Vantage platform. Outside offers lush landscaping, a summer kitchen, pool and 75’ of prime water frontage and a private dock with no fixed bridges.

ADW Capital Partners, L.P. is an investment fund managing more than $314 million managed by Adam Wyden.

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.

Imagery via Lifestyle Production Group

Former Owner of Club Space Acquires South Beach Multifamily In South of Fifth For $5.567 Million

Louis Puig, the former owner of Club Space, has acquired a multifamily property in Miami Beach’s South of Fifth neighborhood and plans to convert the space into a boutique hotel. Puig payed $5.567 million for 333 Jefferson Ave., a gated 24 unit multifamily property which was developed in 1939. The multifamily property sits on two lots spanning .32 acres. The current structure is 12,371 SF but zoning allows for over 21,000+ SF.

Susan Gale & Serena Joaquim with ONE Sotheby's International Realty represented the seller, 333 Jefferson Holdings. Gema Ruiz of Cedano Realty Advisors and Jose Maria de Guzman represented Puig, the buyer.

Puig plans to renovate the property and will offer a mix of studio, one-bed and two-bed units licensed for short-term rental.

For more information about commercial sales or leasing in South Beach, private showings or availability/ pricing information please fill out the form below:

Master Brokers Forum Listing: Step Inside The Beachfront Penthouse At L'Atelier Listed For $39.9 Million In Miami Beach

Master Brokers Forum member Eloy Carmenate presents this extraordinary L'Atelier penthouse; the oceanfront boutique building’s crown jewel, exclusively designed by Holly Hunt. Encompassing the 17th and 18th floors, connected by a floating staircase and glass elevator, this is the perfect place to call home. Boasting 22-foot ceilings in living and dining areas, 360-degree views, an expansive rooftop terrace, 40-foot infinity pool, and summer kitchen. L'Atelier offers a 24-hour valet, pool and beach attendant, oceanfront infinity edge swimming pool, poolside cabanas, bar, whirlpool spa, hammock garden, spa facilities with sauna and hammam, and a double-height, state-of-the-art gym.

6901 Collins Ave #PH, Miami Beach, is currently listed for $39,900,000 with Eloy Carmenate of Corcoran, who can be reached at 305-582-7179 and/or Info@cdresi.com.

The Master Brokers Forum is a local network comprised of South Florida's elite real estate professionals. Learn more at www.MasterBrokersForum.com.

For more information about residences at L’Atelier, residences in Miami Beach, private showings or purchasing/ leasing information please fill out the form below: