Art Deco apartments on Collins sell for $10M

25-unit building with vacant restaurant space last sold for $620,000 in 1990

Jan.January 21, 2016 12:45 PM

Three Miami Beach investors have added a low-rise apartment building to their portfolio, county records show.

Gemms Inc. sold the two-story, Art Deco-era building at 1351 Collins Avenue for $9.9 million or $612 per square foot. Mike Ryan Collins LLC, an entity managed by Jack Avid and Steven Ovid, bought a 50 percent stake in the property, which sits on a 7,000-square-foot lot. The two investors also own the SoBe Hostel at 235 Washington Avenue, and the Princess Ann Hotel at 920 Collins Avenue.

J. Amir Realty LLC purchased a 16 percent stake; and Gerald Steiglitz bought a 34 percent stake through two trusts. Those three entities all list an address of a Portofino South Beach unit that Steiglitz, a New Jersey developer, owns.

The 25-unit, 16,186-square-foot apartment building they purchased was developed in 1958, property records show. The seller, which lists a Miami Beach attorney on its corporate filings, paid $620,000 for the building in 1990. The mixed-use property is on the west side of Collins Avenue, next to the Hotel Clifton.

A Loopnet listing advertises the building for hotel, condo conversion or single-user tenant, such as a nightclub, multi-level restaurant or a retail outlet. It currently includes a 2,500-square-foot vacant restaurant space, formerly occupied by Sushi Rock.

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