The Real Deal Miami

Wynwood warehouse deal closes after two years in court

The seller had tried to scuttle the closing

November 13, 2014 01:30PM

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217 NW 22nd Street

The $3 million sale of a Wynwood property nearly two years ago has been tangled in a legal imbroglio ever since. Now, a judge has ruled in favor of the buyer.

At the closing in 2012, seller M&S Investment had a change of heart as the neighborhood became a development hotspot. Moreover, M&S discovered late in the deal that the property – a 27,000-square-foot warehouse and commercial parcel at 2001 Northwest 21st Street and 210 Northwest 22nd Street — would be subject to a $250,000 early-termination penalty on its Bank of America mortgage, according to the Daily Business Review.

“We closed on the property after two years, one month and three days of hard litigation,” Remy Jacobson, an investor in the buyer Wynwood Propco, told the newspaper. “At closing, they were not sure how much more they wanted. They wanted to wait and see the market.”

Judge Marc Schumacher ruled in favor of the buyer and ordered M&S to pay Wynwood Propco’s attorney fees, reducing the property’s selling price by more than $283,000. [Daily Business Review] – Christopher Cameron

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