Goldman Properties buys Wynwood property for discounted $5M

Seller RedSky Capital bought the property for $6M in 2015

Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)
Goldman Properties' Jessica Goldman Srebnick with 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street, Miami (Getty, iStock)

Goldman Properties bought a retail building and adjacent vacant lot in Miami’s Wynwood for $5.2 million.

Goldman bought the 12,000-square-foot building, built in 1955, at 2501 Northwest 5th Avenue and the lot at 413 Northwest 25th Street from RedSky Capital, according to records.

Goldman Properties is led by CEO Jessica Goldman Srebnick, the daughter of the company’s late founder Tony Goldman. The site is three blocks from Wynwood Walls, an art space Tony Goldman launched in 2009. He is renowned for pioneering Wynwood’s revitalization from a warehouse district to a trendy art, dining and shopping destination that is popular with tourists.

Goldman Srebnick did not respond to a request for comment on her plans for the site.

RedSky Capital, based in Brooklyn, is led by Ben Stokes and Ben Bernstein. RedSky bought the property in a 2015 deal for $6 million, according to records. An online listing shows rent at the building is $50 a square foot, with three units available from 2,398 square feet to 2,875 square feet.

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In 2016, Goldman Properties sold RedSky and its partner, private equity firm JZ Capital Partners, an assemblage in Wynwood at 257 Northwest 27th Street; 252, 268 and 276 Northwest 27th Terrace; and 2700 Northwest 2nd Avenue for $31 million. RedSky and JZ’s lender closed on the site in late September for $26 million.

Earlier this year, RedSky’s Miami Design District portfolio, encompassing 14 buildings with 125,000 square feet of space, hit the market unpriced.

And in August, JZ wrote down to zero its stakes on portfolios in Brooklyn and Miami’s Design District.

Other recent Wynwood sales include developer Alex Karakhanian selling a building leased to Revlon and Scripps Network for $17 million, and the Related Group closing on a development site for $18.5 million.