East End makes another big Wynwood purchase

New York developers pay $23.5M for two acres in what might be a record for the market

Oct.October 07, 2014 12:45 PM

Two acres of Wynwood land was just purchased by a New York real estate investment firm for $23.5 million in a transaction that might be a record for the emerging Miami neighborhood, The Real Deal has learned.

East End Capital bought the properties at 215 and 227-339 Northwest 24th Street on Monday, according to a broker involved in the transaction. The sellers are Marc Kovens and Shawn Chemtov.

Chariff Realty president Lyle Chariff told TRD the deal set a new sale price record for Wynwood, which is starting to experience significant investment from major real estate players on par with the activity in the nearby Design District. Kovens and Chemtov were represented by Chariff and his partner Mauricio Zapata.

Newmark Grubb Knight Frank represented East End, which is proposing a 23,500-square-foot project on a separate Wynwood site it assembled earlier this year.

Kovens and Chemtov planned to construct an eight-story building with three floors of retail and five floors of residential space on the land they sold to East End. Called Wynwood Central, the project was also going to include 400 parking spaces, a courtyard and a rooftop pool and bar. Concrete Beach Brewery and a small furniture and lighting company operate on the site.

“It’s a bittersweet transaction for us,” Chariff said. “We did very well financially but we really wanted to be a part of building it and make our mark by leasing space to great businesses that would add to this amazing growing neighborhood.”

Chariff said he is not sure what the new buyers have planned for the land, but the brewery will be incorporated into any future development.

“The rumors are that they are reworking the plan and trying to figure it out,” he said. “They are possibly waiting for rezoning.”

East End representatives did not immediately respond to messages seeking comment.

In an August interview with TRD about East End’s proposed retail development at Northwest 23rd Street west of North Miami Avenue, company cofounder Jonathon Yormak called Wynwood “the next Meatpacking District, Soho and Williamsburg.”

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