Wynwood “Tree House” deal highlights action in neighborhood’s southeast corner

Miami /
Jul.July 11, 2016 08:45 AM

As developments like the Wynwood Arcade and Miami Arts Charter School get ready to open later this year, investors are still cashing in on properties away from Wynwood’s core.

A group of New York buyers paid $3.9 million for a building at 2210 North Miami Court, the “Tree House” property a block away from the Wynwood Arcade. It last sold for $2.6 million about a year ago.

Patricia Rotsztain and Tomas Sulichin of Rotsztain & Sulichin represented the buyer, Wynwood Showcase LLC. The Brooklyn-based company, controlled by Philip Knoll, has plans to redevelop the 6,345-square-foot building.

The “Tree House” was listed with Metro 1 as a redevelopment opportunity of a retail/office building with onsite parking. It sits on a 13,345-square-foot lot, which means that it sold for $288 a foot for the land and $607 per square foot for the building.

“In Wynwood, there are certain blocks that are very, very busy, and some that aren’t,” Rotsztain told The Real Deal. Rotsztain predicts foot traffic in that area will increase significantly in the next six months.

Just north is the new Miami Arts Charter School, set to open after the holidays at 95 Northwest 23rd Street. On the same block is the Wynwood Arcade, where tenants are currently working on their build-outs, East End Capital’s Jonathon Yormak told TRD earlier this week. Yormak said the project’s stores, Bonobos, Muse and Patrizia Bozzi Design, are planning to open by September. Restaurants the Salty Donut, which currently operates as a pop-up, and Norman Van Aken’s cooking school and restaurant, will open in time for Art Basel. 

And the building next to the Tree House property sold in 2014 to Remy Jacobson, who then financed it about a year later with plans to retrofit the building into a retail, restaurant and office development. (Although Jacobson has the property on the market for $10.5 million.)

In April, Redsky Capital and JZ Capital Partners paid $22 million for an 80,000-square-foot assemblage between Northwest First Court and Northwest First Avenue and along Northwest 22nd Street. The Miami Rescue Mission sold the properties.


Related Articles

arrow_forward_ios
Brick + Timber principals Glenn Gilmore and Jesse Feldman and photo of the building at 2724 and 2734 Northwest First Avenue in Wynwood (LinkedIn, FutureVision Studios)
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
Brick & Timber Collective is piling up Wynwood properties, pays $9M for new office/retail building
David Barry, principal, Ironstate Development along with a rendering of the proposed eight-story building between Northeast 26th and 27th Streets in Wynwood (Ironstate, 5G Studio Collaborative)
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
Developer proposes Urby-branded apartments on former Art by God site in Wynwood
Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
Michael Krymchantowski and a rendering of the Krymwood Hotel at 176 Northwest 28th Street (MKDA, Krymwood, iStock)
Brazilian investor gets Miami board’s OK to build Wynwood hotel
Brazilian investor gets Miami board’s OK to build Wynwood hotel
The Gateway at Wynwood office building at 2916 North Miami Avenue with R&B Realty Group CEO Aron Rosenberg (LinkedIn, R&B Realty Group)
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
Renderings of new Miami Collective site with Gamma Real Estate’s Jonathan Kalikow (The Collective, Gamma Real Estate)
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
The Collective's Reza Merchant and renderings of new Miami location (The Collective, LinkedIn)
Collective undone: Lender targets planned co-living site in Wynwood
Collective undone: Lender targets planned co-living site in Wynwood
Broker Miguel Pinto with developers Toby Moskovits, and Harvey Hernandez, who all have projects planned in Greater Downtown Miami (APEX Capital Realty, Moskovits via Sasha Maslov, iStock)
As dev site prices soar in Miami, buyers play a “dangerous game”
As dev site prices soar in Miami, buyers play a “dangerous game”
arrow_forward_ios

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

Loading...