South Beach property sells for $6M, buyer plans apartment-hotel
Seller bought the property, including apartments and offices, for $1.5M in 1998 Story type: News
The head of a photo production company sold a property in Miami Beach’s South-of-Fifth neighborhood for $6 million, a significant discount off its listing price two years ago.
Mobile Arts, a company with directors Paul C. Lardi and Lisa Lardi, sold the property at 200 to 212 Collins Avenue, according to a press release. The 13,000-square-foot lot features a low-rise apartment building with 20 units and a 6,000-square-foot office building, both built in the 1940s.
The buyer, 200 Collins LLC, expects to open an upper-scale boutique apartment-hotel on the property by 2022, according to a spokeswoman. The hotel will consist of 20 to 26 units offered for between $220 to $450 a night.
The buying entity shares a Miami address with commercial real estate brokerage Rise Realty and the Vazquez & Associates law firm, corporate records show.
Chris Dimitriadis, senior managing director at privately held investment and managing firm LRC Group, is listed as the manager of the buying entity. Dimitriadis told The Real Deal that LRC served as an adviser on the deal and that the proposed apartment hotel may be branded under its Vonder name. If so, this would mark the first U.S. location.
Vonder has hotels in London, Berlin and Warsaw, with a future location in Barcelona, according to its website. Renters stay a minimum of one month at the Warsaw location and three months at the other two in furnished studios, shared spaces and apartments of up to three bedrooms.
Roy Benmeir and Or Shai with Flex Capital Group at One Sotheby’s International Realty represented the buyer in the deal. Alex Zylberglait with Marcus & Millichap represented the seller.
Paul Lardi is president of the MAPS Production House, which specializes in still photography services worldwide. He paid $1.5 million for the apartments and offices in 1998. When the property listed in 2018, it’s asking price was $16 million.
New York restaurateur Major Food Group recently signed a lease in the South-of-Fifth neighborhood.