Art gallery in Wynwood sells for $10.8M

Miami /
Jul.July 17, 2015 09:45 AM

A half-acre property in Wynwood has sold for more than three times its last sale price in 2008, Miami-Dade County records show.

The two parcels at 2534 North Miami Avenue and 26 Southwest 26th Street sold for $10.8 million to a company led by Jonathan Bernstein. Bernstein, who has his own consulting company, is also managing director and general counsel of Coventry Real Estate Advisers, a real estate investment manager in New York.

C1 Bank granted the buyer a $6.2 million mortgage, records show. The 18,870-square-foot building previously housed the Zadok Art Gallery. Zadok Real Estate Holdings is the seller.

The 23,950-square-foot property includes a parking lot. The parcels last sold for $3.2 million in July 2008, according to Miami-Dade property records. The two-story building was constructed in 1950 and recently underwent a multimillion-dollar renovation, according to a press release. The first floor is currently arranged for retail or a showroom, while the second floor is set up as office space.

The buyer, Badjer LLC, was represented by Michael Tobin, a partner in Rothman & Tobin PA., which plans to lease the building for retail. The seller was represented by Ivo Tsinev and Achikam Yogev of Colliers International South Florida.

“Wynwood originally began as a warehouse and manufacturing district, and is now a popular arts destination,” Yogev said in a statement. “Retailers are aggressively pursuing locations in Wynwood, causing it to become a rapidly developing area that’s gaining strength in the retail market.”

Investors are awaiting potential upzoning of Wynwood.

The city of Miami’s Planning, Zoning and Appeals Board recently approved a slate of changes to zoning and land use designations that would allow denser residential developments on roughly 205 acres in Wynwood. The recommendations must still be finalized by the city commission.


Related Articles

arrow_forward_ios
Keith McNally with Stephen Starr and David Edelstein (Getty, Patrick McMullan/Getty)
Pastis to open Miami restaurant in Wynwood
Pastis to open Miami restaurant in Wynwood
Clockwise: 310-318 Northwest 25th Street, Chaim Cahane, Jonathon Yormak and Jon Krasner 
Wynwood developer sells retail property in foreclosure for $12M
Wynwood developer sells retail property in foreclosure for $12M
Rendering of Cube Wynwd
Kissaki restaurateur to open first Miami outpost in Wynwood
Kissaki restaurateur to open first Miami outpost in Wynwood
Domio Wynwood, Gustavo Miculitzki, and Jon Paul Pérez (Credit: Alberto Tamargo/Getty Images)
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Iconiq buys Related and Block Capital’s Wynwood apartments for $77M
Renderings of Wynwood Haus with TSG Managing Partner Camilo Lopez and Lineaire Group Partner Diego Bonet (Lineaire Group)
Bridge Investment joins Wynwood Haus multifamily development group
Bridge Investment joins Wynwood Haus multifamily development group
Rendering of the Dorsey with Alex Karakhanian, Jon Paul Perez and Tricera’s Scott Sherman and Ben Mandel (iStock)
Related scores $88M construction loan for Dorsey project in Wynwood
Related scores $88M construction loan for Dorsey project in Wynwood
Ben Bernstein and Ryan Shear with a rendering of the project at 2407 Northwest 2nd Avenue, Miami (RedSky, PMG, Google Maps)
PMG adds to assemblage of planned Society Wynwood project
PMG adds to assemblage of planned Society Wynwood project
Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)
Goldman Properties buys Wynwood property for discounted $5M
Goldman Properties buys Wynwood property for discounted $5M
arrow_forward_ios

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

Loading...