Music label executive Carl Austin Rosen, whose hit song co-writing credits include rapper Post Malone’s “Rockstar,” paid $5.6 million for an Edgewater building that could house his music studio.
Rosen, who is founder and CEO of Electric Feel music management, purchased the vacant building through his Electric Feel Realty QOZB. Los Angeles-based Electric Feel’s website says a Miami studio is on tap.
Rosen plans to run a Qualified Opportunity Zone business, state corporate filings show. The federal program incentivizes investment in economically struggling areas designated as Opportunity Zones by allowing capital gains tax deferrals as long as these gains go toward a business or real estate project in these districts.
Electric Feel Realty QOZB bought the 8,405-square-foot property at 235 Northeast 29th Street from Miami Plaza in an all-cash deal, according to a news release from the seller’s broker.
The seller is led by real estate investor Simon Karam, records show.
Tony Arellano and Devlin Marinoff of Dwntwn Realty Advisors closed the deal on behalf of the seller for slightly less than the $5.7 million asking price. Andrew Easton of The Easton Group represented the buyer.
The property has a 4,030-square-foot rooftop and floor-to-ceiling impact glass windows, according to the release. Property records show it was constructed in 2018.
Electric Feel’s talent roster includes Argentine singer Khea, and rappers Iann Dior and 24kGoldn.
In March, Rosen bought a Miami Beach mansion along Pine Tree Drive Circle for $12.5 million, records show.
South Florida continues to see out-of-state big-name company executives buy luxury homes and expand their firms.
Billionaire Barry Sternlicht bought his Miami Beach manse for $17 million in 2015 and shortly after moved his Starwood Property Trust’s headquarters from Greenwich, Connecticut to the barrier island as well.
Edgewater has been redeveloped over the past decade from low-rise apartment buildings and single-family houses into a condominium mecca.
Commercial development is growing, with developers Rilea Group and Promanas Group planning a short-term rental project a block west from the property Rosen purchased.