South Beach institution, David’s Café, sells for $9.89M

The Gonzalez family turns 420 percent profit on deal

TRD MIAMI /
Jun.June 24, 2014 03:45 PM

The owners of South Beach landmark David’s Café have accepted an offer of $9.89 million for their restaurant. The Gonzalez family paid just $1.9 million for the property in 2009.

“David’s Cafe has been a wonderful cafe and an institution on the beach for a long time, and it’s sad to see it go, but the value of the real estate to investors was just incredible,” Jonathan Carter, senior director at Miami Beach-based brokerage Comras Co., told the Daily Business Review. “It’s a hard corner in Collins with a freestanding facility for retail, and you just don’t have that come along.”

New York investor Gideon Asset Management purchased the restaurant at 1058 Collins Avenue.

Michael Comras, president of Comras Co., represented the seller. Michael Silverman, a senior associate with the same company, represented the buyer.

Currently there are no immediate plans to redevelop the property, which sold for $1,140 per square foot, according to Carter. The building “was mostly sold on the basis of what the future rents would be for 8,688 square feet of retail space,” he added. [DBR] Christopher Cameron


Related Articles

arrow_forward_ios
From left: 3470 North Miami Avenue and a rendering of the Cutler Bay project

The Weekly Dish: Lung Yai partners ink lease for former Gigi space & more

Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Susan Gale and the South Beach hotels

South Beach hotels hit the market for $24M

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Continuum South Beach unit 606 and Dan Buettner (Credit: Douglas Elliman)

Is it the water? Longevity expert buys Continuum South Beach condo

Joia Beach

The Weekly Dish: Joia Beach to open at Jungle Island & more

Steve Klein, David Berg and 1200 Ocean Drive 

Infinity sells Ocean Drive building to Apple Core for $33M

Rendering of 119 Washington Avenue, Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate (Credit: Palma Architecture)

South Beach building near Joe’s Stone Crab hits market for $45M

arrow_forward_ios
Loading...