The Real Deal Miami

Goldman Properties pays $12M for Wynwood Doors

Sale is 93 times what owners originally paid

August 06, 2015 12:00PM
By Sean Stewart-Muniz

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The Wynwood Doors

The Wynwood Doors

Goldman Properties, one of the pioneering real estate companies behind the now-booming Wynwood, has picked up another piece of the neighborhood’s artistic landmarks for $12 million.

An affiliate of the company purchased the Wynwood Doors, an art installation adjacent to the famed Wynwood Walls, in a sale announced earlier this week.

Goldman, which erected the doors with the permission of the landowner in 2010, describes the space as a 100-foot wall for smaller works by local artists. A series of 15 pull-down metal gates was installed over the walls to add more canvas space, which is how the Doors got their name.

The purchase covers the properties between 232 and 266 Northwest 26nd Street, which span roughly 0.71 acres of land. Those break down to a 3,960-square-foot warehouse at 266, a 12,400-square-foot vacant lot at 260, and the Wynwood Doors art installation at 232.

The sellers, Ismailia and Ali Rashid, acquired the properties in three separate sales over three decades, starting in the 1970s. All together, the couple paid $129,000. This latest sale to Goldman marks a price appreciation of more than 93 times what the Rashids initially invested.

Benjamin Mandell and John Ellis of commercial brokerage RKF represented the sellers.

“The value of this property today as compared to 15 years ago is a testament to the growth of the Wynwood area,” Mandell said in a statement. “Given Goldman Properties’ longstanding success with the Wynwood Walls, we’re glad to see the Doors change hands to a local pioneering group like the Goldman family. It’s a great way to honor and preserve Tony Goldman’s legacy in Wynwood, the cultural center and to continue Tony’s vision for the District.”

Goldman Properties, headed by the Goldman family, has had a major impact in bringing life to the once industrial neighborhood of Wynwood. The late Tony Goldman, a New York-based developer, focused on bringing art galleries and restaurants to the area. Now-CEO Jessica Goldman is leading the charge on developing the Wynwood parking garage, which members of Miami’s Urban Development Review Board have said will be needed in the near future.