The Real Deal Miami

New York firm buys Miami Beach development site on 41st Street for $31M

Land, which stretches from 41st Street to 42nd Street, sold for $656 psf
By Katherine Kallergis | February 15, 2017 09:45AM

Rendering of 340 West 42nd Street

A company led by Menachem Boymelgreen sold a development site on 41st Street in Miami Beach for $31 million. 

Records show Caton Owner LLC sold the parcels at 4100 and 4120 Pine Tree Drive, and 340 West 42nd Street to JP Roosevelt LLC, which is controlled by New York-based law firm Shiboleth LLP. The properties include the HSBC Bank building on Pine Tree Drive and 41st Street.

The deal is another sign of increased commercial activity near or on 41st Street in Mid-Miami Beach. JP Roosevelt paid $656 per square foot for the land.

Caton, which is also controlled by Chen Lamdan, Sarah and Shmuel Boymelgreen, received approvals last year to develop the 47,244-square-foot site into a residential building with a parking garage. Arquitectonica designed the residential project, which includes a rooftop pool deck.

Caton bought the properties in 2015 from the Netz Group for $21 million. The six-story bank building was built in 1963 and spans 39,638 square feet, records show.

The new owner, JP Roosevelt, assumed Caton’s $8 million mortgage as part of the deal.

Commercial sales on 41st Street have typically been long-term investments. The street, which is home to banks, the Forge restaurant and kosher eateries, connects Miami Beach’s main north-south arteries, Alton Road and Collins Avenue. Just last week, Netz sold the Sheridan Center at 410 West 41st Street for $17.85 million to a Palm Beach investor.