The Real Deal Miami

Former Buena Vista rehab facility trades hands

0.6-acre assemblage sold for $242 per square foot for the land

January 11, 2016 03:45PM

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Buena Vista properties

Buena Vista properties

A Washington, D.C.-based investor who sold property in Miami’s Design District last year has entered the Buena Vista submarket with a $3.6 million purchase.

Mehdi Falsafi, manager of a D.C.-based LLC, acquired the 0.6-acre assemblage at 4900 Northeast Second Avenue and 185 Northeast 49th Street, Miami-Dade County records show. Both properties are near Upper Buena Vista, a planned mixed-use project that launched in December.

Matthew Gissen sold the parcels, which house a 7,489-square-foot building and vacant land. Marcus & Millichap’s Scott Sandelin and Jonathan De La Rosa brokered the sale, according to a press release. Gissen is the founder of the Village, a nonprofit rehabilitation agency. The two-story building, constructed in 1946, was once a rehab facility. Previous sales information was not available for the building, but the lot next door last sold for $185,000 in 1993, property records show.

De La Rosa said the sale represents a record for land in Buena Vista at $242 per square foot. “The buyer was able to acquire one of the last remaining undeveloped pieces of land north of 20,000 square feet,” he said in the release.

One block north, Developer Michal Aviv and her business partner David Lahmy launched Upper Buena Vista, which when completed in 2018 will span 60,000 square feet and include retail, a 24-room luxury bed and breakfast, and rental cottages. And farther south, closer to the Design District, Metro 1 launched sales for Buena Vista Villas, a 12-unit mixed-use project at 4510 Northeast Second Avenue.

In September, Falsafi, who also heads blueprint company ABC Imaging, sold a two-story commercial building nearby at 3800 Northeast Second Avenue for $11.4 million. – Katherine Kallergis

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