$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
Miami-Dade Mayor Daniella Levine Cava and an aerial of the Government Center redevelopment (Getty, Google Maps)
Miami-Dade seeks partners for Government Center redevelopment
Miami-Dade seeks partners for Government Center redevelopment
Miami Mayor Francis Suarez and Commissioner Joe Carollo (Getty)
Controversial Virginia Key homeless camp plan put on hold
Controversial Virginia Key homeless camp plan put on hold
Hyatt CEO Mark Hoplamazian and Gencom Founder and Principal Karim Alibhai with a rendering of the proposed three-tower development at 400 Southeast Second Avenue (James L. Knight Center) (LinkedIn, Gencom, Arquitectonica)
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
Hyatt, Gencom score Miami commission approval for James L. Knight Center referendum
Lions Group's Albert Shirian, Fortis Design + Build's Andrew Lenahan and David Polinsky with renderings of the M Tower apartment project (LinkedIn, Fortis Design + Build, Nichols Architects)
Lions, Fortis Design propose 57-story apartment tower in downtown Miami
Lions, Fortis Design propose 57-story apartment tower in downtown Miami
Marc Anthony with One Thousand Museum (Getty, Refin)
Marc Anthony among buyers at Zaha Hadid-designed One Thousand Museum
Marc Anthony among buyers at Zaha Hadid-designed One Thousand Museum
Property Markets Group’s Ryan Shear, Kevin Maloney, Dan Kaplan and Greybrook’s Peter Politis with rendering of The Elser Hotel & Residences (Property Markets Group, Greybrook, Levy PR, iStock)
Here’s what happens to renters after developer converts Miami apartment tower to condos
Here’s what happens to renters after developer converts Miami apartment tower to condos
Plaza 100 building and the Brickell Arch office tower (JLL, Brickell Arch, iStock)
Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra
Lease roundup: Ritz Carlton’s yacht service leases in Fort Lauderdale, Hermès at 150 Alhambra
The Comras Company's Michael Comras with 6901 Biscayne Boulevard (Getty, The Comras Company, iStock)
Up in smoke? Comras loses bid to open medical marijuana dispensary
Up in smoke? Comras loses bid to open medical marijuana dispensary
arrow_forward_ios

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

Loading...