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

Miami /
Feb.February 15, 2017 09:45 AM

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.


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Moishe Mana and the downtown parking lot he purchased (Google Maps, Getty)
Moishe Mana expands downtown Miami assemblage with $12M purchase
Moishe Mana expands downtown Miami assemblage with $12M purchase
Regalia condominium tower at 19575 Collins Avenue in Sunny Isles Beach (Google Maps)
Regalia association scores $18M settlement in construction defects lawsuit
Regalia association scores $18M settlement in construction defects lawsuit
(Photos courtesy of Miami Historic Preservation, Smith Aerials, Colliers)
Development site near MiamiCentral hits the market
Development site near MiamiCentral hits the market
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
arrow_forward_ios

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

Loading...