Art gallery in Wynwood sells for $10.8M

0.56-acre property last sold for $3.2M in July 2008

TRD MIAMI /
Jul.July 17, 2015 09:45 AM

Zadok Art Gallery in Wynwood (via Twitter and Google)

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

Join The Real Deal at its sixth annual Miami Showcase & Forum next week

Tony Cho, Andres Nava and Valerio Morabito with 2143 Northwest First Avenue

Developer Valerio Morabito enters Wynwood market with $9M acquisition

A rendering of Arlo Wynwood

Quadrum Global plans Arlo hotel in Wynwood

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

From left: Tony Arellano, Devlin Marinoff and 2729 Northwest Third Avenue

Miculitzki family lists property near Wynwood Walls for $18M

Daily Digest Miami

Target could be coming to North Beach, Related and Atlantic Pacific head to Miami board: Daily digest

Rendering of the Moxy Hotel, Pierre Charalambides and David Grutman (Credit: Kobi Karp)

Wynwood is getting its own Moxy hotel

Daily Digest Miami

Developers clear first hurdle in massive casino redevelopment, FPL fuels up with Homestead farmland for natural gas facility: Daily digest

arrow_forward_ios