The Real Deal Miami

Art gallery in Wynwood sells for $10.8M

0.56-acre property last sold for $3.2M in July 2008

July 17, 2015 09:45AM
By Katherine Kallergis

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Zadok Art Gallery in Wynwood

Zadok Art Gallery in Wynwood (via Twitter and Google)

A half-acre property in Wynwood has sold for more than three times its last sale price in 2008, Miami-Dade County records show.

The two parcels at 2534 North Miami Avenue and 26 Southwest 26th Street sold for $10.8 million to a company led by Jonathan Bernstein. Bernstein, who has his own consulting company, is also managing director and general counsel of Coventry Real Estate Advisers, a real estate investment manager in New York.

C1 Bank granted the buyer a $6.2 million mortgage, records show. The 18,870-square-foot building previously housed the Zadok Art Gallery. Zadok Real Estate Holdings is the seller.

The 23,950-square-foot property includes a parking lot. The parcels last sold for $3.2 million in July 2008, according to Miami-Dade property records. The two-story building was constructed in 1950 and recently underwent a multimillion-dollar renovation, according to a press release. The first floor is currently arranged for retail or a showroom, while the second floor is set up as office space.

The buyer, Badjer LLC, was represented by Michael Tobin, a partner in Rothman & Tobin PA., which plans to lease the building for retail. The seller was represented by Ivo Tsinev and Achikam Yogev of Colliers International South Florida.

“Wynwood originally began as a warehouse and manufacturing district, and is now a popular arts destination,” Yogev said in a statement. “Retailers are aggressively pursuing locations in Wynwood, causing it to become a rapidly developing area that’s gaining strength in the retail market.”

Investors are awaiting potential upzoning of Wynwood.

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.