New York investors pick up second Miami Beach hotel

Buyer owns and manages buildings in New York

Mar.March 25, 2015 09:45 AM

A pair of New York real estate investors just purchased a Miami Beach hostel for $8.28 million, Miami-Dade County records show. 

The two-story SoBe Hostel, at 235 Washington Avenue, is a 8,933-square-foot hotel with 48 rooms. It was purchased by a company titled 235 Sobe Hospitality, which is managed by Jack Avid and Steven Oved, according to state corporate records.

In July, Avid signed a $5 million mortgage for another South Beach hotel, which he bought for $10 million. The 45-room Princess Ann Hotel, at 920 Collins Avenue, is similarly sized and was built in 1934.

SoBe Hostel was built in 1938 and last sold for $3 million to a company titled South Beach Hostel, according to property records.

Avid and Oved have a history of purchasing single-room occupancy hotels and apartment buildings in New York, the Village Voice reported in 1998. Avid has also been named in a New York Department of Housing Preservation and Development petition after being accused of violating an anti-harassment statute against tenants in one of his buildings.

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