Developer Yair Levy pays $15M for building in downtown Miami

Levy plans a renovation that will turn it into a luxury jewelry center

Jul.July 03, 2018 02:30 PM

Metro Mall building, Mika Mattingly and Yair Levy

Developer and New York investor Yair Levy made his first real estate purchase in South Florida, and he doesn’t plan to stop at one.

Levy’s Time Century Holdings paid $14.5 million for the Metro Mall building, a development site in the heart of downtown Miami’s jewelry district, at 1 Northeast First Street.

Levy plans to renovate the 225,000-square-foot building, according to a press release. The building sits on a 33,750-square-foot corner lot that’s zoned for 810,000 square feet, 774 units and at least 80 stories of development.

Colliers International South Florida’s Mika Mattingly, Gerard Yetming and Linn Ahsberg represented the seller, Metro Mall Limited, which was led by Stanley Goldberg, Judith Jaffe and Joyce Goldberg. Wedad Saad-Anderson of New Capital Realty represented the buyer.

Levy acquired the building’s master lease and 84.2 percent of the land, Mattingly said. It’s now vacant.

“There were a lot of hoops to jump through before [Levy] could even buy it,” she said. “At one point they didn’t think the building could be renovated.”

Mattingly said the property, built in 1926, saw interest from two jewelry groups from New York. Levy plans to renovate it back “to its glory days,” transforming it into a luxury jewelry center.

Levy rose to real estate prominence through several high-profile residential condo conversions in Manhattan, but his real estate empire unraveled during the recession. In 2011, he was permanently banned by the New York state Attorney General’s office from selling condos and co-ops in the state, and has largely stayed under the radar since then.

In recent years, prices for commercial properties in Flagler Street area of downtown Miami have soared, with developer and investor Moishe Mana spending more than $200 million on properties in that area alone.

Related Articles

Zaha Hadid and One Thousand Museum (Credit: Getty Images)

PHOTOS: Inside Zaha Hadid’s Miami tower

Olympia Theater (Credit: Getty Images)

Maurice Gusman heirs sue city of Miami to regain ownership of Olympia Theater

Rendering of downtown Miami courthouse to be built by Plenary Group and Miami-Dade County

All rise: Miami-Dade commissioners approve $267M downtown Miami courthouse project

Moishe Mana and 25 West Flagler Street

Moishe Mana buys City National Bank building in downtown Miami

One Thousand Museum and Krinos owner Eric Moscahlaidis

Krinos Foods owner revealed as buyer of One Thousand Museum condos

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

Related Group building at 315 Biscayne Boulevard and Jorge Pérez (Credit: Google Maps)

Related Group lists downtown Miami HQ

Rendering of Legacy Hotel and Residences with Dan Kodsi and Peggy Olin

Developer Dan Kodsi plans hotel-condo tower at Miami Worldcenter