Romero Britto’s gallery to move to 532 Lincoln Road

Building at 818 Lincoln Road, where Britto has long operated, was sold last year for $34.5M

TRD MIAMI /
Oct.October 08, 2015 04:30 PM

After more than two decades at 818 Lincoln Road, Brazilian pop artist Romero Britto has inked a deal to move his gallery three blocks eastward on the Miami Beach pedestrian promenade, The Real Deal has learned.

Britto will lease space at 532 Lincoln Road, in a building owned since the late 1940s by Bob Quittner’s family, Lyle Chariff, president of Chariff Realty Group, told TRD.

Chariff, who has known Britto ever since he first opened his gallery on Lincoln Road next to Chariff’s mother’s boutique, Diamonds and Chicken Soup, told TRD that he offered Britto a rate 20 percent below market. Lincoln Road rents now approach $300 to $400 a square foot, he said.

“In this building we have the luxury to do whatever we want, since Bob [Quittner] has owned it for so long and his basis in the building is so low…. so we have the ability to undercut anybody if we want to on price,” said Chariff, who has represented Quittner for 15 years and was the only broker involved in the transaction.

The deal came together quickly, in what Chariff and Quittner consider an act of serendipity: Chariff called Quittner on his cellphone to discuss offering the space to Britto, while Quittner was on a Caribbean cruise  in the middle of an art auction where Britto’s works were the main attraction. The next day, Chariff ran into Britto at MC Kitchen in the Design District and told him he had an offer he couldn’t refuse.

“The next day we got together with his team and we had a deal in one day,” Chariff told TRD

“If anybody deserves it, it is Romero because he is a true pioneer of Lincoln Road, and is what Lincoln Road was built on,” Chariff added. “We gave him a friends and family rate, and we are very happy.”

Britto’s gallery will have 2,700 square feet in the space formerly occupied by So Good Jewelry, whose 10-year lease has expired, Chariff said. Other tenants in the building include Guess. Bank of America, Kiehl’s and Ricky’s NYC. The site is across the street from H&M.

Britto had been looking for space for months, after his building was sold last year for $34.5 million. Miami-based 818 Lincoln Corp. sold the 8,375-square-foot building in May 2014 to 818 Lincoln Investments. Investor Danny Lavy is identified as the manager of the buying entity. The building is expected to undergo redevelopment.

Lincoln Road itself is expected to get a facelift, with a master plan proposing such improvements as adding public seating and outdoor space for art and performances, enlarging sidewalks and enhancing adjoining streets.

“We kept [Britto] on Lincoln Road, and we brought him further east to the 500 block, which is in between the tourists and the locals,” Quittner told TRD. “It is very prestigious for our building.”


Related Articles

arrow_forward_ios
Purdy Lounge in Miami Beach (Credit: Facebook)

Last call for Purdy Lounge. Miami Beach bar announces closure

From left: Keith Menin and Russell Galbut, with the Domio Kaskades Hotel

Russell Galbut wants to sell another Miami Beach hotel

Antonio Sustiel and 266 South Coconut Lane (Credit: Facebook and Zillow)

The Flooring King buys a new palace in Miami Beach

802 West Dilido Drive with agents Dina Goldentayer and Miltiadis Kastanis (Credit: Douglas Elliman)

Developer gets $15.6M for Venetian Islands spec home

Todd Glaser, Rony Seikaly and a rendering of spec home at 1635 W 22nd Street (Credit: Mary Beth Koeth, Getty Images)

Todd Glaser, Rony Seikaly close on Miami Beach spec mansion

Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

The LaLanne exhibit at The Real Deal’s event in October

Michael Shvo to unveil tropical gardens with LaLanne exhibit at the Raleigh

Thomas O’Reilly, John Marshall, Ivan Chorney and Michael Martirena with Continuum North unit 1402/03 (Credit: Douglas Elliman and LinkedIn)

Tech entrepreneur sells Continuum unit to Neuberger Berman exec

arrow_forward_ios