New York couple buys prime South Beach property

Miami /
Sep.September 26, 2014 09:45 AM

A New York couple plunked down $22.5 million for a South Beach retail building occupied by Burger King and Pier 1 Imports, The Real Deal has learned.

Norton and Roslyn Nesis acquired the 1100 5th Street property in a transaction recorded on Thursday, according to Miami-Dade County records. The couple did not obtain financing for the purchase. Burger King’s existing lease runs until July 2016, while Pier 1’s agreement expires in 2019, with two five-year renewal options.

Gateway Development of Miami Beach is the seller. The company paid about $1.2 million for the property in 1994 and constructed the 18,000-square-foot building two years later. James Silvers is Gateway’s president.

Earlier this year, the City of Miami Beach considered paying $26 million for the property to potentially use as a transit hub for the proposed mass transportation system across Biscayne Bay. The city decided not to move forward in May after the site was appraised at $20 million.


Related Articles

arrow_forward_ios
 Zaha Hadid with her former Miami Beach home (Getty, Douglas Elliman)
Zaha Hadid’s former South Beach condo hits the market for $8M
Zaha Hadid’s former South Beach condo hits the market for $8M
Colin Meadows and 451 East Dilido Drive, Miami Beach. (Invesco, Luxe Living Realty)
Solid return on investment? Invesco managing director sells waterfront Venetian Islands home for $12M
Solid return on investment? Invesco managing director sells waterfront Venetian Islands home for $12M
Todd Michael Glaser and Billy Joel with 4640 North Bay Road (Getty, Glaser by Mary Beth Koeth, Todd Michael Glaser)
Uptown world: Todd Glaser buys Billy Joel’s former Miami Beach home
Uptown world: Todd Glaser buys Billy Joel’s former Miami Beach home
Ed & Jackie Rabin and the Apogee Condos. (Getty, Apogee)
Hyatt Hotels’ former president sells Apogee condo in South Beach for $8M
Hyatt Hotels’ former president sells Apogee condo in South Beach for $8M
Ariella Tolkin and Ryan Tolkin with 4380 North Bay Road (Tolkins via Zoom, Salt Conference)
Finance honchos shell out $14M for waterfront North Bay Road home
Finance honchos shell out $14M for waterfront North Bay Road home
Jean-Louis Deniot and his recently sold Miami house. (Getty, Berkshire Hathaway Home Services)
Jean-Louis Deniot sells waterfront Miami Beach home for $5M
Jean-Louis Deniot sells waterfront Miami Beach home for $5M
Miami-Dade condo sales map and Apogee at 800 South Pointe Drive, Miami Beach (Google Maps)
Miami-Dade condo sales and dollar volume surge at end of February
Miami-Dade condo sales and dollar volume surge at end of February
Marc Gardner with his new Miami waterfront house. (Bancard, One Sotheby's)
Putting it on a credit card? North American Bancard CEO buying Miami Beach mansion for $37M: sources
Putting it on a credit card? North American Bancard CEO buying Miami Beach mansion for $37M: sources
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...