The Real Deal Miami

Investor adds to Wynwood assemblage for $5.46M

Based on land, sale breaks down to $528 psf

September 23, 2015 12:45PM
By Katherine Kallergis

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2640 Northwest Fifth Avenue and the surrounding properties the buyer owns, Andy Charry and Jon Gerszberg of Marcus & Millichap

2640 Northwest Fifth Avenue, and Andy Charry and Jon Gerszberg of Marcus & Millichap

A retail property on the corner of Northwest Fifth Avenue and Northwest 27th Street in Miami’s Wynwood neighborhood sold for $5.46 million, according to Miami-Dade County records.

The Betty S. Simon Revocable Trust sold the building to 5th Avenue Wynwood Partners, a Miami Beach-based LLC. Douglas H. Levine with a North Bay Road address is listed on the company’s corporate records.

The single-story wholesale outlet store, at 2640 Northwest Fifth Avenue, sits on a 10,350-square-foot lot. The 8,388-square-foot building was constructed in 1959, according to Miami-Dade property records. Previous sales information was not available.

Levine owns the adjacent properties at 520 Northwest 27 Street, 2610 Northwest Fifth Avenue and 519 Northwest 26 Street, according to property records. He acquired them in September of last year for just more than $8 million.

The sale breaks down to about $528 per square foot based on the land. Andy Charry and Jon Gerszberg of Marcus and Millichap brokered the deal, Charry told The Real Deal.

Yesterday, Thor Equities paid $41.5 million for more than an entire block in Wynwood, a missing piece that gives it one square block and marks the largest deal ever in the neighborhood known for its artsy vibe.

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.