Downtown Miami’s Grand Central building sells for $4.6 million

The Grand Central building in downtown Miami’s Park West neighborhood has been sold for $4.6 million, according to Metro 1 Commercial, which handled the transaction. The landmark building, which was built in 1920 to house the Florida East Coast Railway, is located at 697 North Miami Avenue. It was last purchased by Brad Knoefler in 2001, who repurposed the property into a mixed-use building that currently houses the Grand Central nightclub and six lofts. The deal for the 19,020-square-foot property worked out to an average of $242 per square foot. — Alexander Britell