The Real Deal Miami

Crescent Heights sells mixed-use garage in South Beach

Nursing home owner in Brooklyn bought the property, which is leased to Upland
By Keith Larsen | February 20, 2019 11:30AM

Upland building and Russell Galbut

Crescent Heights sold a commercial building in South Beach, home to the popular Upland restaurant, to a nursing home owner for $15 million.

Leopold Friedman, who owns the Bronx nursing home Citadel Rehabilitation and Nursing Center in Kingsbridge, acquired the four-story, 32,000-square-foot building at 49 Collins Avenue. It hit the market in 2017.

Property records show Friedman financed the purchase with a $12 million loan from Valley National Bank New York. Friedman could not immediately be reached for comment.

The deal, which breaks down to under $500 per square foot, includes the 7,500-square-foot upscale restaurant and a 180-space parking garage. The property sits on a 13,000-square-foot lot next to the Related Group’s One Ocean and about a block away from Joe’s Stone Crab.

Upland, led by restaurateur Stephen Starr and chef Justine Smillie, opened in 2016 shortly after the building was completed. The restaurant signed a 10-year lease with options for two five-year extensions.

In May, a separate Brooklyn buyer, paid nearly $31 million for the nursing home and rehabilitation center across the street from the mixed-use garage.

Crescent Heights, led by Russell Galbut and Sonny Kahn, recently secured approval to build a luxury residential tower at 500 Alton Road.

It also recently requested that the city combine the properties at 3000 and 3050 Biscayne Boulevard in Miami with plans to build a major mixed-use project on more than 5 acres of land. There, Crescent Heights is requesting to build up to 754 residential units, nearly 269,000 square feet of office space, about 17,000 square feet of retail space, a 38,450-square-foot grocery store, parking and fitness space.