The Real Deal Miami

Karp family picks up Biscayne office building, plans renovation

Nearly 1-acre site sold at a loss for $2.7M
By Katherine Kallergis and Ina Cordle | May 11, 2015 11:15AM

11601 Biscayne Boulevard and Kobi Karp

It’s all in the family with the Karps.

Nancy Karp bought an office building last week on Biscayne Boulevard and Northeast 116th Avenue, The Real Deal has learned.

Alone BH, a Miami-based LLC led by Mariano Braver and Jorge Braver Sr., sold the nearly 1-acre site at a loss for $2.7 million to an investment group led by Nancy Karp. The building at 11601 Biscayne Boulevard last sold for $3.375 million in July 2005, according to Miami-Dade County records.

“Its a nice office building, all concrete, very strong, and has a MiMo look to it,” architect Kobi Karp told TRD. “And we’re looking to bring it back to its original glamour and create very nice office space.”

Karp, a designer on the project, will be completing renderings soon.

“I let her run the show and she just lets us design them,” he said.

The three-story, 28,171-square-foot building was constructed in 1973, according to property records. It’s located on the east side of Biscayne Boulevard near the bay.

“It’s a very nice neighborhood in the natural progression of Biscayne Boulevard toward North Miami Beach and Aventura,” Kobi Karp said. “The city of North Miami is very progressive and very receptive to our development.”

Fabio Faerman

Fabio Faerman, of Fortune International/FA Commercial, brokered the deal. Faerman told TRD that after the renovation, the goal is to increase the lease price from about $20 per square foot to $40 per square foot.

The property includes 60 parking spaces, retail on the ground floor and offices ranging from 250 square feet to 5,000 square feet, he said.

An LLC led by Nancy Karp also bought an office building at 2919 Biscayne Boulevard in January 2005 for $9.3 million, renovated it and sold it for $19 million last year, records show. Kobi Karp Architecture & Design has its offices there.

Kobi Karp is also designing a 36-story condo tower at 1900 Biscayne Boulevard and Metro 1’s Buena Vista Villas, among other projects.