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.

Related Articles

Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Susan Gale and the South Beach hotels

South Beach hotels hit the market for $24M

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Multiplan launches sales of boutique luxury condo project on Ocean Drive

Continuum South Beach unit 606 and Dan Buettner (Credit: Douglas Elliman)

Is it the water? Longevity expert buys Continuum South Beach condo

Steve Klein, David Berg and 1200 Ocean Drive 

Infinity sells Ocean Drive building to Apple Core for $33M

Rendering of 119 Washington Avenue, Amit Egan Datwani of The Global Consulting Organization and Cyril Bijaoui of The Company Real Estate (Credit: Palma Architecture)

South Beach building near Joe’s Stone Crab hits market for $45M

Monty’s Miami Beach

Suntex Marinas is trying to evict Monty’s from Miami Beach property

Condo at Glass Miami Beach sells at 15% loss

Condo at Glass Miami Beach sells at 15% loss