David Edelstein, partner pay $10M for Design District property

David Edelstein and Monica James and Co. site
David Edelstein and Monica James and Co. site

David Edelstein just added to his Miami Design District portfolio with a $10 million purchase.

Edelstein and his partner William Weisman bought the 2,700-square-foot building at 140 Northeast 40th Street, occupied by Monica James & Co., a home furnishings store. Monica James is moving to a property across the street at 131 Northeast 40th Street, according to spokesperson for the store.

The sale breaks down to $3,704 per square foot for the building, or $4,000 per square foot for the 2,500-square-foot lot.

The seller was Gator English L. C., led by James Goldsmith, a large property owner in the district. Records show the last sale was for $90,000 in 1991.

Edelstein, the owner of New York based TriStar Capital, has been active in the Miami’s Design District, Wynwood and Miami Beach.

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In July 2015, he bought three Design District properties, at 114 Northeast 40th Street, 130 Northeast 40th Street and 135 Northeast 39th Street, for $65 million. The price equated to $3,421 for the buildings and $3,300 for the land.

Early this month, he partnered with Boca Raton attorney Weisman to buy two retail sites, at 261 Northwest 26th Street and 260 Northwest 27th Street in Wynwood for $13.125 million.

Edelstein also bought a Wynwood retail site next to Miami’s Midtown for $10.2 million in May 2015 and flipped it in November 2015 for $13 million.

Edelstein also owns a slew of properties on Lincoln Road in Miami Beach: 918 and 920 Lincoln Road, which he acquired in July 2015 for $18.5 million; 530 Lincoln Road, for which he paid $30 million in 2013; and 521 Lincoln Road, which he acquired in 2008 for $8.4 million. And he paid $88.2 million in 2014 for 800 Lincoln Road, the site of the former ArtCenter South Florida, which he is redeveloping. He is also planning to develop a leased site at 500 Lincoln Road, next to the Miami Beach Community Church.

Other sales this year in the Design District include a building at 111 Northeast 40th Street that sold for $21.5 million in March. The price equated to $2,445 per square foot for the 8,794-square foot building, or $4,000 per square foot for the 5,000-square-foot lot.