The Real Deal Miami

Wynwood property sells for $1.9M

Site includes an 8,669 sf building with 5,000 sf of retail, six residential units and lot

July 06, 2015 06:30PM
By Ina Cordle

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wynwood buildingcropped

Building at the corner of Northwest Second Avenue and Northwest 34th Street in Wynwood

A 90-year-old Wynwood property and an adjacent lot have changed hands for $1.9 million, amid a continuing surge of interest in the once gritty Miami neighborhood, The Real Deal has learned.

The sale includes an 8,669-square-foot building at 3320 Northwest Second Avenue, built in 1925, and a 4,000-square-foot vacant lot at 212 Northwest 34th Street, according to Miami-Dade property records.

The deal was brokered by Patricia Rotsztain and her son, Tomas Sulichin.

The seller was Miami-based Grace Jackson LLC, managed by Larry Vancel. The seller is a Miami native who has been active in the rise of Wynwood, the brokers said.

The buyer is a Latin American group.

The site, on the corner of Northwest Second Avenue and Northwest 34th Street has more than 100 feet of frontage on Northwest Second Avenue. The building has 5,000 square feet of retail, six residential units, in addition to the lot, which can be developed, the brokers said.

A well-known restaurant with locations in New York and Los Angeles is in negotiations to lease space at the site, the brokers said, but declined to provide more details.

In recent months, Wynwood has drawn increasing interest from a host of local and out-of-town buyers. Moishe Mana just paid $9.95 million for Wynwood Gardens, a 50-unit property at 2000 Northwest 5th Place, and an 115,000-square-foot lot, to add to his 30-acre-plus Wynwood portfolio.

Two weeks ago, David Edelstein, who heads New York-based TriStar Capital, sold 2601 and 2637 North Miami Avenue for $13 million to a partnership between Vitality Holding and Cabi Developers.

Also in June, Brooklyn-based RedSky Capital added to its Wynwood portfolio, purchasing the 13,245-square-foot property at 2501 Northwest Fifth Avenue for $6 million.

The city of Miami’s Planning, Zoning and Appeals Board recently approved a slate of changes to zoning and land use designations that would allow denser residential developments on roughly 205 acres in Wynwood. The recommendations must still be finalized by the city commission.

The board also recommended approving Wynwood as the city’s first Neighborhood Revitalization District, which will encourage builders to create wider sidewalks, pedestrian walkways within large projects, provide financial incentives to developers who preserve warehouses, and make it easier to construct affordable housing.