LIVWRK in contract to buy Wynwood assemblage from East End Capital

Brooklyn firm is paying roughly $25M for the 2.5 acres, according to a source

Miami /
May.May 25, 2021 06:20 PM
Asher Abehsera and Jonathon Yormak with 2400-2500 North Miami Avenue (Google Maps)

Asher Abehsera and Jonathon Yormak with 2400-2500 North Miami Avenue (Google Maps)

UPDATED, May 26, 12:05 p.m.: LIVWRK, a Brooklyn-based development firm, is making its first foray into Miami commercial real estate, The Real Deal has learned.

The company, led by founder and CEO Asher Abehsera, is under contract to buy a 2.5-acre assemblage in Wynwood, according to sources. East End Capital is selling the properties at 2400 and 2500 North Miami Avenue in Miami. LIVWRK will partner with the neighboring property owner at 48 Northwest 25th Street.

Cushman & Wakefield’s Robert Given is representing the seller along with Adam Spies and Adam Doneger, of the same brokerage. Chaim Cahane of Forte Capital Management represented the buyer.

Given did not respond to requests for comment. East End Capital declined to comment.

Abehsera confirmed that the deal is under contract. A source said the price is about $25 million, and the sale is expected to close in about a month and a half.

Abehsera said his company is interviewing architects from around the world to “do something that’s more elevated from a design perspective” than what has been built in Wynwood so far.

The assemblage could be developed into more than 650,000 square feet with a mix of residential, retail, hotel or creative office, Abehsera said.

East End Capital had planned to develop the North Miami Avenue properties into two mixed-use projects with co-living, micro units, coworking and traditional office space. The New York and Miami-based firm, led by founder Jonathon Yormak, secured approvals for the projects last year.

The other parcel is owned by 3 CI Holdings LLLP, an entity managed by Catherine DeFrancesco, owner of Sol Yoga, and Andy DeFrancesco. Alex Karahkanian and Cahane sold the office and retail building on that site to the DeFrancesco entity last year for $17 million.

In March, East End Capital sold a Wynwood retail property that was in foreclosure to Cahane’s Forte Capital Management and Jon Krasner’s 7G Realty for $11.8 million.

East End and its Australian investors were recently ordered to pay back a $5.5 million deposit tied to a failed sale of their office tower in downtown Miami.

In Brooklyn’s Dumbo neighborhood, LIVWRK and CIM Group are in contract to sell the rental portion of their luxury development at 85 Jay Street to RXR Realty for $220 million.





    Related Articles

    arrow_forward_ios
    Nuveen CEO Jose Minaya and 801 Brickell Avenue in Miami (Nuveen, Colliers)
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
    Lease roundup: Nuveen moving Southeast HQ to 801 Brickell
    Michael Krymchantowski and a rendering of the Krymwood Hotel at 176 Northwest 28th Street (MKDA, Krymwood, iStock)
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    Brazilian investor gets Miami board’s OK to build Wynwood hotel
    The Gateway at Wynwood office building at 2916 North Miami Avenue with R&B Realty Group CEO Aron Rosenberg (LinkedIn, R&B Realty Group)
    Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
    Lease roundup: Gateway at Wynwood, Goodtime Hotel score tenants
    Renderings of new Miami Collective site with Gamma Real Estate’s Jonathan Kalikow (The Collective, Gamma Real Estate)
    Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
    Lender takes control of The Collective’s Wynwood dev site through foreclosure auction
    The Collective's Reza Merchant and renderings of new Miami location (The Collective, LinkedIn)
    Collective undone: Lender targets planned co-living site in Wynwood
    Collective undone: Lender targets planned co-living site in Wynwood
    Broker Miguel Pinto with developers Toby Moskovits, and Harvey Hernandez, who all have projects planned in Greater Downtown Miami (APEX Capital Realty, Moskovits via Sasha Maslov, iStock)
    As dev site prices soar in Miami, buyers play a “dangerous game”
    As dev site prices soar in Miami, buyers play a “dangerous game”
    Tricap's David Edelstein, Related's Nick Perez and a rendering of NoMad Residences Wynwood (Getty, Related)
    Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua
    Related, Tricap launch sales of NoMad-branded condos in Wynwood with Casa Tua
    Clearline's Jenny Bernell; 2000 North Miami Avenue and 2021 Northwest Miami Court in Miami (Clearline, Google Maps)
    Former Kushner exec buys Miami development site in Wynwood
    Former Kushner exec buys Miami development site in Wynwood
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...