Wynwood buildings sell for $6M, more than triple 2014 price

Miami /
Mar.March 23, 2016 12:02 PM

A company controlled by Tony Cho sold two properties in Wynwood for $6.1 million, more than triple the last sale price in 2014.

County records show Wyn 560 LLC, which is controlled by Cho, sold the buildings at 560 and 566 Northwest 29th Street to Carol Invest USA. Corporate records show the buyer is managed by Emanuela Verlicchi and Carolina Marazzi of Miami Shores — the same Italian family that owns Al Capone’s former mansion in Miami Beach.

The seller had started remodeling the buildings, built between 1951 and 1970, and secured permits, according to a Metro 1 spokesperson. Property records show the parcels last sold for $1.68 million in 2014, which marks a 263 percent increase.

The 12,000-square-foot property sits on a 14,000-square-foot plot. Cho, founder and CEO of Metro 1, represented the seller while Francesca Rinonapoli of Keller Williams represented the buyer.

In November, the buyer, Carol Invest USA sold two connected warehouses in Wynwood for $11 million. Wynwood has drawn a slew of investors in recent months. Last fall, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect. And just last week, real estate investor Sam Herzberg paid $22 million for an entire block at 210 Northwest 22nd Street and 201 Northwest 21st Street.


Related Articles

arrow_forward_ios
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
Pharrell Williams and David Lerner with a photo of 2545 Northwest Third Avenue and a rendering of the Billionaire Boys Club exterior (Getty, Google Maps, Lerner Family Properties)
Pharrell’s Billionaire Boys Club to open store in Wynwood
Pharrell’s Billionaire Boys Club to open store in Wynwood
Angel Febres, partner, Homecookin’ Hospitality and Metro 1 Managing Director Andres Nava
Wynwood nightclub building hits the market
Wynwood nightclub building hits the market
arrow_forward_ios

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

Loading...