The Real Deal Miami

Miami Design District site sells for $29M

Last sold for $300K in March 2004

March 11, 2015 03:00PM
By Katherine Kallergis

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Benjamin Bernstein, RedSky principal, and 1 Northeast 40th Street

1 Northeast 40th Street and Benjamin Bernstein, RedSky principal

A building in the Miami Design District sold for $29.25 million, nearly 100 times its last sale price, The Real Deal has learned. 

The 19,436-square-foot building at 1 Northeast 40th Street sold to an affiliate of Brooklyn-based RedSky Capital and London-based JZ Capital Management.

RKF’s Drew Schaul, Benjamin Mandell and John Ellis represented the buyer. The seller, Miami Beach-based Hardor Corp., represented itself.

The 14,700-square-foot lot last sold for $300,000 in March 2004, according to Miami-Dade property records.

The buyer was granted a $16.88 million mortgage from Pacific Western Bank and CIM Real Estate Credit, which matures in three years.

RedSky and JZ Capital also paid $11 million for a 0.3-acre site at 2407 Northwest Second Avenue Wynwood in January, records show.