$80M Empire World Towers site sale closes

Miami /
Nov.November 14, 2014 10:30 AM

The anticipated $80 million sale of the former Empire World Towers site to a company linked to developer Property Markets Group officially closed.

PMG-CH Downtown Developers was the highest bidder for the two acres at 300 and 330 Biscayne Boulevard in downtown Miami, according to written announcements from real estate firm HFF and one of the law firms involved in the transaction. The seller was a trust established for the benefit of CDR Creances S.A.S. The site is approved for the development of what would be the tallest two East Coast buildings south of Manhattan at 93 stories apiece.

The buying company received a $49 million mortgage from a group of lenders managed by Fortress Credit Co. LLC of New York, according to Miami-Dade County records.

Jailed father-and-son developers Mauricio Cohen Assor and Leon Cohen-Levy planned to construct Empire World Towers before last decade’s real estate crash. The project was halted after the Cohens were hit with tax evasion charges and sentenced to prison.

HFF managing director Jaret Turkell, senior managing director Hermen Rodriguez, executive managing director Manuel de Zarraga and associate director Scott Wadler led the team marketing the site for sale. Attorneys Marcos Daniel Jimenez and Gregg Fierman of McDermott, Will & Emery represented CDR in the sale and related litigation. Luis Flores and Rebecca Sarelson of Arnstein & Lehr represented PMG. — Eric Kalis


Related Articles

arrow_forward_ios
Blackstone's Jon Gray and 2MiamiCentral (Getty)

Blackstone inks lease at MiamiCentral in downtown Miami

Blackstone inks lease at MiamiCentral in downtown Miami
 Miami Worldcenter Associates developers Art Falcone and Nitin Motwani and RPC’s Dan Kodsi with a rendering of the project (Royal Palm Companies)

Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter

Dan Kodsi’s firm pays $34M for site of 50-story tower at Miami Worldcenter
Photo of the new Aston Martin DBX and the Aston Martin Residences (Aston Martin)

Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo

Aston Martin Residences unveils DBX SUV, included with purchase of luxury condo
Placeholder image

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal

Miami board approves plans for Related, Crescent Heights towers and rejects Melo’s proposal
Jon Paul Perez and Russell Galbut with renderings of the projects

Related, Crescent Heights and Melo Group seek approval for Miami projects

Related, Crescent Heights and Melo Group seek approval for Miami projects
Blackstone's Jonathan Gray and Stephen Schwarzman (Getty, iStock)

Blackstone to open office in South Florida

Blackstone to open office in South Florida
Jared Galbut, Bodega Taqueria

Menin plans major expansion of Bodega Taqueria

Menin plans major expansion of Bodega Taqueria
249 Northwest 6th Street and Michael Swerdlow (Google Maps, Swerdlow Group)

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown

Developers buy land, score $25M loan for Target-anchored mixed-use project in Overtown
arrow_forward_ios

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

Loading...