Last call for Purdy Lounge, Russell Galbut wants to sell another Miami Beach hotel: Daily digest

A daily roundup of South Florida real estate news, deals and more for Nov. 8, 2019

TRD MIAMI /
Nov.November 18, 2019 05:30 PM

Every day, The Real Deal rounds up South Florida’s biggest real estate news, from breaking news and scoops to announcements and deals. We update this page throughout the day. Please send any tips or deals to [email protected]

 

Last call for Purdy Lounge. Miami Beach bar announces closure. Purdy Lounge in Miami Beach’s Sunset Harbour neighborhood will hold its last last call on February 8. The popular bar and lounge, at 1811 Purdy Avenue, announced on Facebook that it would be closing early next year after operating for about 20 years. [TRD]

 

Russell Galbut wants to sell another Miami Beach hotel. Miami Beach developer Russell Galbut and his nephew Keith Menin are looking to sell another Miami Beach hotel. A company tied to Galbut and Menin is seeking to sell the 26-room Domio Kaskades Hotel in Miami Beach for $15.8 million or $607,692 per room. [TRD]

 

Morgan Reed Group lists Rail 71 development for $33M. Morgan Reed Group is looking to cash out on its investment in a Little River office development. The company hired brokers Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors to list Rail 71, at 7205 Northeast Fourth Avenue, for $33 million or $258 per square foot, the brokers said. [TRD]

 

Cutler Bay axes Edgardo Defortuna’s plans for single-family development. Edgardo Defortuna’s 16-year plan to build a new development along Biscayne Bay in Cutler Bay was shot down by the town council. Defortuna, who leads Fortune International Group, sought to build 29 single-family homes on an 8.4-acre site south of Southwest 184th Street. [TRD]

 

The Flooring King buys a new palace in Miami Beach. A former owner of Jungle Island sold his Miami Beach home to the self-proclaimed Flooring King for $5.8 million, property records show. Bernard and Mary Levine sold the six-bedroom, 5,441-square-foot house at 266 South Coconut Lane on Palm Island to Ofer Sustiel. [TRD]

 

Fund manager’s wife buys Boca Raton mansion for $13M. The wife of an investment manager bought a waterfront Boca Raton mansion for $13 million, adding to the list of pricey sales this year at the Royal Palm Yacht and Country Club. [TRD]

 

Ocean Delray breaks ground. National Realty Investment Advisors (NRIA) and U.S. Construction have broken ground on Ocean Delray, an oceanfront luxury residential project. The project at 1901 South Ocean Boulevard will have 19 units priced between $5.7 and $10 million.

 

State lawmakers are moving to shut down Opa-locka. The state’s Joint Legislative Auditing Committee is seeking to move forward with legislation that would force residents of Opa-locka to vote on dissolving the city, according to the Miami Herald. The push comes after a report from the state auditor found 99 issues of fraud and mismanagement in June. [Miami Herald]

 

Brickell Flatiron commercial space sale closes amid lawsuit. Despite suing developer CMC Group for an unfavorable redesign of Brickell Flatiron’s commercial space, Avi Dishi and Haim Yehezkel finalized a $22.5 million deal to buy the 24,800 square feet on the ground floor and mezzanine level set aside for a restaurant and retail. [TRD]

 

Fitness expert wants to shed his Hollywood home via auction. A fitness expert, bodybuilder and supplement maker is looking to shed his waterfront estate in Hollywood. James Grage, co-founder and vice president of BPI Sports Fitness Supplements, is selling the house at 1215 Diplomat Parkway, within Hollywood Golf Estates, at auction on Nov. 25. [TRD]

 

Compiled by Keith Larsen


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