The Real Deal Miami

Greystone picks up Edgewater land for $10M

New York firm is latest to stake claim to evolving Miami neighborhood
April 30, 2014 12:45PM

2500 Biscayne Boulevard

2500 Biscayne Boulevard

A company tied to New York-based Greystone & Co. is the latest to make a land grab in Miami’s Edgewater neighborhood.

The Greystone company, 2500 Biscayne Property, paid $10 million for a mixed-use building at 2500 Biscayne Boulevard and seven vacant parcels totaling 0.87 of an acre, according to Miami-Dade County records. Several companies managed by David and Rochelle Sokol sold the properties to 2500 Biscayne. The transaction closed on Friday.

No financing was recorded.

Greystone is already planning a multifamily project near Miracle Mile in Coral Gables. It formed a joint venture with Miami-based Alta Developers and Strategic Properties to develop a 13-story, 119-unit apartment building with ground-floor retail space.

A Greystone spokesperson told the Daily Business Review the company intends to develop the Edgewater site with the same partners. Project details were not disclosed. [Daily Business Review]Eric Kalis