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Elysee Investments buys Bay Harbor Islands office building for $8M
Buyer took out $5.7M loan
Elysee Investments bought an office building on Bay Harbor Islands’ Kane Concourse for $7.6 million.
Records show an affiliate of Miami Beach-based Elysee purchased the property at 1045 Kane Concourse and the parking lot directly north of the 14,094-square-foot building. Elysee took out a $5.7 million loan from City National Bank of Florida.
The seller is Bay Harbor Executive Offices, led by Ofelia Sherman as trustee and Moses Hersman. The entity bought the two-story building for $1.5 million in 2001, according to property records. 1045 Kane Concourse was completed in 1958 on 0.2 acres, and the parking lot is 0.1 acres.
Tenants include psychotherapist Bal Harbor Institute, a dentist’s office, a counselor’s office and a doctor’s office.
Elysee is a commercial real estate owner-manager focusing on South Florida and New York, where it also has an office, according to its website. Haim Yehezkel is CEO and Roy Mussaffi is a partner. The buying entity also lists Rami Boaziz of Stellar Public Adjusting Services as manager.
Elysee, through an affiliate, in 2019 bought a Fort Lauderdale shopping center for $15.8 million.
In January, it bought a North Beach building leased to Manolo restaurant for $8 million.
Yehezkel and Mussaffi also were part of an investment group that sold the three-building Airport Trade Center industrial complex near Miami International Airport in 2019 to Blackstone for $56 million.
The Bay Harbor Islands deal marks another investment along Kane Concourse. In June, David Martin’s Terra scooped up a mixed-use development site there for $31.5 million. At the time, Martin said in a statement that Terra’s project would include residential, office and retail, adding that there will be a “signature food and beverage” operator at street level.