The Real Deal Miami

New owners of foreclosed Miami office building to cut rents

December 06, 2010 04:21PM

The foreclosed 84,382-square-foot office property at 28 West Flagler Street in Miami has been scooped up by Miami Lakes’ LeaseFlorida for $2.5 million in cash. Former owner, Mihato Realty of Brooklyn, lost a $5.1 million foreclosure suit there in September to lender Intervest National Bank, which then pre-arranged for LeaseFlorida to put in the winning bid at auction. The building is roughly 40 percent leased, said Alan Waserstein, who runs LeaseFlorida with his brother, Steve. The pair plans to decrease rents to $16 or $17 per square foot to drum up interest from potential tenants. [SFBJ]