Fisher Brothers pays $18M for Wynwood assemblage owned by RedSky venture

RedSky, JZ paid $22M for the properties in 2016

Miami /
May.May 03, 2021 03:30 PM
RedSky Capital’s Benjamin Bernstein and 2159 Northwest First Court (Redsky, Google Maps, iStock)

RedSky Capital’s Benjamin Bernstein and 2159 Northwest First Court (Redsky, Google Maps, iStock)

RedSky Capital and JZ Capital Partners sold the former Miami Rescue Mission site for $17.6 million, as the joint venture continues to offload its Wynwood portfolio at a discount.

New York-based Fisher Brothers purchased the buildings, property records show.

RS JZ NW1 2200 sold the parcels at 2201, 2229 and 2159 Northwest First Court, and 2200 and 2250 Northwest First Avenue. The warehouses total 43,440 square feet across 1.5 acres.

Fisher Brothers, a family owned and run real estate developer and investor, was founded in 1915 by Martin Fisher, who later was joined by his brothers, Larry and Zachary Fisher, according to the company’s website. The firm now is led by Arnold, Kenneth, Steven and Winston Fisher.

Its portfolio includes the three-building Station House office complex in Washington, D.C., and Chartwell House condominium project in Manhattan.

Records show Brooklyn-based RedSky and Manhattan-based JZ Capital paid $22 million for the Wynwood properties in 2016. That deal included nearby lots that just sold to Tricera Capital and Alex Karakhanian’s Lndmrk Development for $1 million, as part of the larger $28 million sale of Cube Wynwd, a Class A office building that traded in April.

The Miami Rescue Mission organization for the homeless moved to 3553 Northwest 50th Street, according to its website.

RedSky, led by Ben Bernstein and Ben Stokes, and JZ Capital, led by David Zalaznick and Jay Jordan, also recently sold the Wynwood Block retail building at 2621 Northwest Second Avenue for $24.2 million. They paid $26 million for the property in 2015.

In October, RedSky’s and JZ Capital’s lender, Seven Valleys, closed on the joint venture’s Wynwood properties at 257 Northwest 27th Street; 252, 268 and 276 Northwest 27th Terrace; and 2700 Northwest 2nd Avenue. RedSky and JZ at the time sold those properties for $26 million, also at a loss from the $31 million the duo paid in 2016.






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