As developments like the Wynwood Arcade and Miami Arts Charter School get ready to open later this year, investors are still cashing in on properties away from Wynwood’s core.
A group of New York buyers paid $3.9 million for a building at 2210 North Miami Court, the “Tree House” property a block away from the Wynwood Arcade. It last sold for $2.6 million about a year ago.
Patricia Rotsztain and Tomas Sulichin of Rotsztain & Sulichin represented the buyer, Wynwood Showcase LLC. The Brooklyn-based company, controlled by Philip Knoll, has plans to redevelop the 6,345-square-foot building.
The “Tree House” was listed with Metro 1 as a redevelopment opportunity of a retail/office building with onsite parking. It sits on a 13,345-square-foot lot, which means that it sold for $288 a foot for the land and $607 per square foot for the building.
“In Wynwood, there are certain blocks that are very, very busy, and some that aren’t,” Rotsztain told The Real Deal. Rotsztain predicts foot traffic in that area will increase significantly in the next six months.
Just north is the new Miami Arts Charter School, set to open after the holidays at 95 Northwest 23rd Street. On the same block is the Wynwood Arcade, where tenants are currently working on their build-outs, East End Capital’s Jonathon Yormak told TRD earlier this week. Yormak said the project’s stores, Bonobos, Muse and Patrizia Bozzi Design, are planning to open by September. Restaurants the Salty Donut, which currently operates as a pop-up, and Norman Van Aken’s cooking school and restaurant, will open in time for Art Basel.
And the building next to the Tree House property sold in 2014 to Remy Jacobson, who then financed it about a year later with plans to retrofit the building into a retail, restaurant and office development. (Although Jacobson has the property on the market for $10.5 million.)
In April, Redsky Capital and JZ Capital Partners paid $22 million for an 80,000-square-foot assemblage between Northwest First Court and Northwest First Avenue and along Northwest 22nd Street. The Miami Rescue Mission sold the properties.