Neiman Marcus To Close Worth Avenue Location After Filing Chapter 11 Bankruptcy

COVID-19 continues to shake the commercial real estate industry, especially when it comes to retail. The Dallas-based Neiman Marcus Group has announced that they will be will be closing their Worth Avenue location in Palm Beach amid the luxury retailer’s Chapter 11 Bankruptcy Protection Proceedings. Neiman Marcus is actively working with A&G Real Estate to find someone to take over their 48,661 SF lease at 151 Worth Avenue which runs through May 31, 2026 and has options available to the tenant through 2051. 151 Worth Avenue is owned by the New York-based O’Connor Real Estate Advisors who acquired the property in January 2014 for $40 million.

"Real estate is a long-term play. These leases represent an incredible opportunity for retailers and investors to gain a foothold in markets that, under normal conditions, are renowned for their traffic and sales – as well as for their high barriers to entry," said A&G Real Estate Co-President Emilio Amendola. "Additionally, some of these locations are particularly promising for conversion to hotel, office or residential use." 

The Worth Avenue, Palm Beach store currently remains open for curbside pickup and appointments only. Neiman Marcus first filed for Chapter 11 Bankruptcy in May 7, 2020, amid the fallout from the COVID-19 pandemic in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.

Luxury Home Builder Frank McKinney Sells His Final Direct Oceanfront Palm Beach Spec Home

Luxury home builder and award winning author Frank McKinney has sold his final direct oceanfront Palm Beach spec home which was completed in 2019 for $10.1 million, a record price-per-square-foot of $1,867. Located at 3492 South Ocean, the modern beachfront estate was unveiled with a lavish party which featured a stunt in which McKinney repelled from a helicopter onto the tropical modern home, see the video below for the footage. The buyer was Vernon Hill who was the founder, former chairman, president and CEO of Commerce Bancorp in Cherry Hill, New Jersey. McKinney first purchased the property in 2016 for $3 million and initially listed the home for $17.5 million in May 2019 before later dropping the price to $13.9 million in December 2019. Both the buyer and seller were represented by Steven Presson of The Corcoran Group.

3492 South Ocean features 5 bedrooms and 6 bathrooms spread over 7,850 square feet. The lavish beachfront mansion features some of the finest finishes including an oceanfront gourmet kitchen with 11,000 year-old Azure-Blue Lava Kitchen Countertops from France, a master-suite with direct ocean views, a 3-Story ocean-view glass elevator encased in a glass wine room, a cascading water wall & reflecting pool with a “Walk over Water” feature and an indoor jellyfish sphere with touch tank which is the only one in a private home.

3492 South Ocean is located directly on the Atlantic Ocean with direct beach access and the outdoors offers the best of South Florida including a 50′ disappearing-edge resort-style pool, lush landscaping and a rooftop lounge with ocean views.

Inside El Solano, John Lennon And Yoko Ono's Recently Listed Palm Beach Estate Asking $47.5 Million

Beatles and music icon John Lennon and his wife Yoko Ono purchased the oceanfront estate on Palm Beach’s billionaire’s row known as El Solano for $725,000 in 1980. That same estate is now back on the market for $47.5 million. El Solano was built in 1925 by iconic South Florida architect Addison Mizner before he sold it to Harold K. Vanderbilt. It traded hands several times before Lenon and Ono purchased it less than one year before Lenon was murdered in New York City. Ono sold the property in 1986 for $3.15 million and it last sold for roughly $23 million to John Sites of Wexford Capital.

El Solano is located on South Ocean Boulevard, spanning 14,000 square feet split between a 10,500 square foot main house with 7 bedrooms, 9 bathrooms, a 2-story pool house with a guest suite. The home features many of the original ornate architectural details which were a classic Mizner touch including hand-stenciled wood ceilings, stone carved fireplaces and a stone staircase. El Solano features a massive master suite with a sitting room, private office and ocean views. The grand living room was built for Vanderbilt and also overlooks the Atlantic. The home also features a grand dining room, library, family room, living room,

Outside features 1.3 acres of lush, opulently landscaped grounds complete with a tennis court and pavilion, 2 swimming pools so you are always in the sun, and 180’ of ocean frontage. The beach is located across South Ocean Boulevard where there is a private beach cabana.

El Solano is currently listed for $47,500,000 with Christian Angle of Christian Angle Real Estate.

TimeEquities Launches Leasing For Resort-Style Development CasaMara In West Palm Beach

Global real estate firm Time Equities, Inc. (TEI) has officially launched leasing at CasaMara, a mixed-use, resort-style development located in the heart of the El Cid neighborhood and the Antique Row District in West Palm Beach, Florida. The project features a total of six low-rise buildings made up of 300 class-A apartments, a 16,000-square-foot clubhouse, as well as an additional 16,000 square feet of retail shops called The Plaza at CasaMara, all of which will spread out over 10 acres of land.

Construction is well underway at 3111 South Dixie Highway and is slated to deliver completed homes in three phases. The first 100 units along with the clubhouse, which houses many of the amenities offered at CasaMara, will be completed by early fall 2020. The following two phases will be completed in winter 2020 and spring 2021, respectively.

MSA Architects are responsible for both the site planning and the distinct Spanish-Eclectic style architecture of the development. ID and Design International designed clean, stylish home interiors with modern finishes such as bright kitchens, large balconies, smart home features, and full-size washers and dryers. Kitchens have been furnished to have white quartz countertops, white subway tiles backsplashes, and stainless-steel Samsung appliances. Other home features include oversized showers and windows, elevators in buildings, access-controlled building systems, and best-in-class acoustics designed with noise reduction.

Units range from studios to three-bedrooms, with pricing starting at $1,726. Lincoln Property Company, the second-largest multifamily management company, is handling CasaMara’s leasing and marketing.

“We currently have over 700 prospective renters on our VIP list thus far, and we are very excited about the incredible interest we’re seeing in the project,” said Stefane Spano of Lincoln. “This development offers an unmatched amenities package for the marketplace and is located in an exceptional, convenient area that is minutes away from Downtown West Palm Beach.”

CasaMara’s amenities, also designed by ID and Design International, were created to give tenants a luxury lifestyle experience. These include a resort-style pool with private cabanas, a pool pavilion building with grilling stations and a 60-foot water wall, a Jacuzzi with therapeutic jets, a co-working lounge with private offices and complimentary WiFi, a state-of-the-art fitness center, a bark park, a game room with billiards and Wii Stations, a club room with art lounge and fireplace, dining facilities for private parties. There is also a full suite of children’s amenities including a kids pool, an air-conditioned playroom, and an outdoor playground.

“CasaMara presents an opportunity for residents to have everything at their fingertips – resort-style amenities, shops, and restaurants, all steps from their front door,” said Robert Singer, Director of Development at Time Equities. “We are offering an all-inclusive, unparalleled living experience in an area that continues to evolve with exciting cultural additions and modern retail and office complexes.”

The Plaza will provide an inviting environment for the community and shoppers alike with its on-street parking, wide sidewalks with shade trees, lush landscaping, outdoor seating, and a corner park with fountains. Avison Young will be handling the retail leasing and marketing for The Plaza, which is set to open in spring 2021.

CasaMara is conveniently located approximately 1.5 miles south of Downtown West Palm Beach and offers easy access to I-95, Palm Beach International Airport, and all the other splendors Palm Beach and Palm Beach County has to offer.

By Isabella Zimmermann

Douglas Elliman Releases June 2020 New Signed Contracts Report for Florida

Douglas Elliman in conjunction with Miller Samuel, a leading independent appraisal firm, has released its second monthly recurring report for June 2020. The report focuses on the new contracts signed and new listings that entered the rapidly changing market in Douglas Elliman’s Florida regions of Miami-Dade, Broward, Palm Beach, Pinellas, and Hillsborough. Overall, there was a surge in new signed contracts far exceeding year-ago levels, with excess demand coming from the Northeast. However, new inventory level gains have not kept pace with the growth in new contracts.

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 release a similar report to this one once again during the first week of August to disclose data regarding the number of new contracts signed and new listings during the month of July.

Palm Beach County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts soared 71.3% to 4,261 contracts

• Listing inventory dropped 19.9% to 1,604 units

• 642 single family homes priced above $1M went into contract, a 114.7% increase from last year

Condo:

• Number of new signed contracts jumped 76.0% to 2,626 contracts

• Listing inventory surged 4.2% to 1,175 units

• Condos priced between $200K and $299K saw a 107.6% incline in the number of signed contracts for a total of 467 

Broward County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts rose 76.1% to 4,336 contracts

• Listing inventory decreased by 27.0% to 1,622 units

• There was a 123.2% increase in the number of signed contracts for homes priced between $600K and $799K 

Condo:

• Number of new signed contracts surged 61.4% to 3,154 contracts

• Listing inventory fell 14.2% to 1,403 units

• 78 condos priced between $500K and $599K went into contract, a 116.7% jump from last year

Miami-Dade County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts edged up 74.3% to 3,955 contracts

• Listing inventory dropped 25.0% to 1,426 units

• There were 172 homes priced between $800K and $99K that went into contract, a 123.4% increase from last year for similarly priced homes

Condo:

• Number of new signed contracts climbed 54.6% to 4,093 contracts

• Listing inventory slipped 4.0% to 1,918 units

• 643 condos priced between $200K and $299K went into contract compared to last year’s 344

Pinellas County

Key Trend Metrics (Year to Year)

Single Family:

• Number of new signed contracts surged 95.9% to 2,897 contracts

•  Listing inventory decreased by 26.9% to 1,031 units

• There was a 148.8% rise in homes priced between $500K and $599K that went into contract

Condo:

• Number of new signed contracts increased by 93.4% to 1,408 contracts

• Listing inventory fell 12.0% to 512 units

• 28 condos priced between $800K and $999K went into contract, a 250.0% surge from last year’s 8

Hillsborough County

Key Trend Metrics (Year to Year)

Single Family: 

• Number of new signed contracts rose 98.2% to 4,524 contracts

• Listing inventory declined 32.1% to 1,550 units

• There was a 223.9% jump in the number of new signed contracts for homes priced at or above $1M

Condo:

• Number of new signed contracts grew 124.0% to 616 contracts

• Listing inventory declined 18.9% to 223 units

• Condos priced at or above $1M saw a drastic increase of 1633.3% in the number of new signed contracts for a total of 52

by Isabella Zimmermann

Tour Bamboo Hill, Lars Bolander And Nadine Kalachnikoff Kips Bay Decorator Show House in Palm Beach

Bamboo Hill, designed by and the personal residence of one of America's leading interior designers and tastemakers Lars Bolander and wife Nadine Kalachnikoff, has hit the market for $5,900,000. The home was built in 2007 as the Kips Bay Decorator Show House in Palm Beach and showcases the work of 19 of the most celebrated world renowned interior designers. This residence is Dutch and South African inspired design spanning 8,751 SF with 6 bedrooms and 7.5 baths. The main house is 5,868 SF with 4 bedrooms and 5.5 bathrooms with 2 guest casitas also on the property.

Similar to the showrooms Lars Bolander maintains in New York's Meatpacking District his Palm Beach home favors a mix of 19th-century antiques, painted furniture, contemporary art and sculpture, and decorative objects picked up in the Far East and Morocco. The exterior of the home is a mix of architectural ideas that inspired Bolander from around the world. The door is Dutch South African style and the stone dogs are reproductions purchased in Spain.

Outside, the homes gardens were designed by Mario Nievera, he replicated a Persian motif he spotted at a fountain at the Taj Mahal to redefine the garden and guide seating plantings and spiritual paths. The lush backyard also features a pool with cabana and 2 guest casitas.

Bamboo Hill is located at 260 Palmetto Ln, West Palm Beach, FL and is currently listed for $5,900,000 with Gary Goodwin and Gloria Rodriguez-Allsup of Douglas Elliman.

Images via Douglas Elliman

For more information about Bamboo Hill, 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

BGI Capital Announces Expansion to Palm Beach County and a New Managing Director, Gregory J. Laskody

BGI Capital will open a new Boca Raton office and expand its operation to Palm Beach County.

The Miami-based alternative lender and commercial real estate debt provider operates offices in Miami and New York, making this its third location. The new office will be located at 1900 Glades Road, Boca Raton, FL 33431.

Managing Partner Kenneth Baboun is leading BGI Capital’s expansion efforts into key markets, choosing to open a location in the county due to the demand the firm has experienced in the area and its strong network within the community.

In addition to the expansion, BGI Capital also welcomed Managing Director Gregory J.Laskody, CCIM to the firm. Gregory will serve as the firm’s primary Palm Beach County liaison spearheading its efforts to expand debt and capital solutions to a new client base.

With over 30 years of commercial real estate experience, Gregory has extensive expertise in investment sales, commercial real estate mortgage and investment banking, and valuation. Collectively, he has been involved in over $3 billion of commercial real estate transactions. Throughout his career, he has held production, leadership, and management positions with various companies in commercial real estate including Lee & Associates, Deloitte, Nomura Capital, Wells Fargo, Q10 Capital, Newmark Grubb Night Frank, and Colliers International.

“I believe that with my vertically-integrated experience in investment sales and CRE capital markets practice, combined with the firm’s network, will successfully meet our client’s investment objectives.” BGI was founded in Miami in 2013 and expanded into the Northeast in February of 2019 with the opening of its New York office, led by Managing Director Luis Tio. The firm’s presence in New York has led to securing multiple loans in Brooklyn, Astoria, the Bronx and Long Island City among others.In Miami, BGI Capital has played an integral role in the transformation of several Miami neighborhoods including Edgewater, Coral Gables, Brickell and Doral.

Tour This Lavish Lantana Waterfront Estate On The Intracoastal Asking $15.95 Million

A lavish Intracoastal waterfront estate in Lantana, FL, located in Palm Beach County, has hit the market for $15.95 million. Famed architect Roger Patton Janssen, from Dailey Janssen Architects, designed the astounding estate which is nestled on 1.5 acres between the Intracoastal Waterway and the Atlantic Ocean. Located at 319 N Atlantic Drive, the home is within minutes to the famed Eau Resort & Spa and provides the ultimate level of privacy and convenience.

Upon entering the 13,342 SF home, one is greeted by a double height foyer leading to the grand living room seamlessly connecting all elements of the home with the outdoors and views of the water. The estate features 10 bedrooms 9 baths and 3 half baths the property features a custom kitchen with vaulted ceilings is adjacent to the rotunda like breakfast room with access to the outdoors. The home also features a six car garage, large fitness center, steam room, cedar wine cellar and private screening room this estate exudes the ultimate South Florida paradise.

The backyard oasis features an oversized swimming pool cabana with a rooftop terrace and multiple covered outdoor living areas. A true Sea dweller's paradise, this home offers over 220' of Intracoastal frontage and 10' depth. Two guest homes lay above the garages upon arrival equipped with 2 bedrooms and 2 full baths offering the ultimate privacy from the main estate when hosting guests.

319 N Atlantic Drive is currently listed for $15,950,000 with Chris Leavitt, Ashley McIntosh and Martin Conroy of Douglas Elliman.

Tracking COVID-19 By The Numbers: Breaking News In South Florida

(Last Updated 6:14 AM 3/27/2020):

BREAKING: 

• City of Miami officials have announced a curfew for its residents that will begin Friday night. According to officials, all residents must be indoors from 10 p.m. until 5 a.m. (3/27/2020)

• Miami-Dade County and the City of Miami Beach have ordered all hotels, motels and short-term rentals to begin immediately shutting down and vacate their guests, with full-closure by 11:59 PM on Monday, March 23. (3/21/2020)

• Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business 9 PM Thursday. (3/20/2020)

• All U.S. Citizens traveling around the world should return home ASAP or be prepared to stay abroad for an indefinite period. (3/19/2020)

Continue to check back for updates to below as we continue to track COVID-19 across South Florida:  

Stats:

• Number of Cases in Florida: 830+ (3/23/2020)

• Fatalities in Florida: 13+ (3/23/2020)

• Number of Global Cases: 351,000+ (3/23/2020)

• Global Fatalities: 15,321+ (3/23/2020)

• Number of U.S. Cases: 35,075+ (3/23/2020)

• Fatalities in the U.S.: 458+ (3/23/2020)

Miami-Dade County:

• Miami-Dade County # Cases: 2900+ (3/27/2020)

• BREAKING: Miami-Dade County and the City of Miami Beach have ordered all hotels, motels and short-term rentals to begin immediately shutting down and vacate their guests, with full-closure by 11:59 PM on Monday, March 23. (3/21/2020)

• BREAKING: Miami-Dade Mayor Issues Executive Order Closing All Non-Essential Business (3/20/2020)

• CONFIRMED CASES IN BRISTOL TOWER BRICKELL & SOHO BEACH HOUSE (3/19/2020)

• Officials have ordered the closure of all restaurants, bars, movie theaters, concert houses, auditoriums, playhouses, clubs, gyms, arcades, bowling alleys, etc. which will go into effect 11 PM Tuesday. All grocery stores, pharmacies, take-out and delivery services will remain open at this time (3/17/2020)

  • All bars and nightclubs will be closed for 30 days.

  • Restaurants will only be able to operate at half capacity.

  • Exceptions granted if they have a capacity of 10 people or less.

  • Mayor Carlos Jimenez signed the emergency order, but remains in self-quarantine after being exposed to a Brazilian government official who tested positive following a visit to South Florida.

• Miami-Dade Public Schools are now closed through at least April 15. (3/19/2020)

  • Miami-Dade Public Schools have closed this week and next. (3/16/2020)

• Key Biscayne and North Miami Beach have implemented curfew between 10 PM and 5 AM (3/19/2020)

• Officials have closed the beach from 5th to 15th Street, including Lummus Park.

• All city parking garages are closed to non-residents.

• In addition, all non-essential retail stores will be required to close at 10 p.m. daily. (3/16/2020)

  • Businesses excluded from this directive include: Pharmacies, grocery stores, convenience stores, private offices, banks, hotels, hospitals, medical service providers, medical supply stores, hardware stores, gasoline service stations and automotive supply and repair centers.

• An entertainment district curfew will go into effect at 11 p.m.

• All restaurants are asked to keep occupancy at 50% or less, and have under 250 people in each establishment at any given time.

• Ultra Music Festival has been cancelled.

• Miami Music Week has been cancelled.

• ArtScape Concert has been cancelled.

• The Miami Open Tennis Tournament has been cancelled. 

• University of Miami & FIU have moved classes online until the end of the spring semester. (3/20/2020)

• University of Miami Spring Commencement postponed until December. (3/20/2020)

• The Hardrock Seminole Hotel & Casino has suspended entertainment operations. 

• Calle Ocho Festival has been cancelled.

• Mayor Francis Suarez has confirmed that he has COVID-19.

Broward County:

• Broward County # Cases: 180+ (3/23/2020)

• Broward County Public Schools are now closed through at least April 15. (3/19/2020)

• Officials have closed the beach from Harbor Beach to Oakland Park Boulevard.

• Restaurants and bars must close by 10 p.m.

• Restaurants and bars are asked to operate at 50% capacity and have no more than 250 people at any time.

• The Tortuga Music Festival, which was set to run from April 17-19, has been postponed.

• The Wharf Fort Lauderdale is closed until further notice.

• The listed measures will remain in effect until April 12.

Palm Beach County:

• Palm Beach County # Cases: 59+ (3/23/2020)

• Town of Palm Beach implements curfew until further notice from 9 P.M. - 6 A.M. (3/18/2020)

• Palm Beach County Public Schools are now closed through at least April 15. (3/19/2020)

• Beaches will be closed on Tuesday 3/17/2020

• Nursing Homes and Assisted Living Facilities are closed to visitors.

• Drive-through testing underway at FoundCare (2330 S. Congress Ave, West Palm Beach - call 561-967-0365 to see if you qualify and for appointments)

National:

• BREAKING: The Federal Government has passed a $2.2 trillion stimulus package.

• United States of America # Cases: 35,075+ (3/23/2020)

• United States of America Fatalities: 458+ (3/23/2020)

• Income tax filing deadline moved to July 15 (3/20/2020)

• Foreclosures and HUD evictions have been halted for 60 days.

• CDC recommends ban on gatherings of 10+ people. 

• The Players Championship was cancelled & PGA Tour is suspended.

• NBA, NHL, MLB and MLS have suspended their seasons. 

• All ski resorts have closed.