Music exec and songwriter buys Edgewater building in Opportunity Zone

Buyer plans to run qualified Opportunity Zone business

Miami /
Oct.October 27, 2021 09:45 AM
Carl Austin Rosen and 235 Northeast 29 Street in Miami (Second Hand Songs, DWNTWN Realty Advisors/Crexi)

Carl Austin Rosen and 235 Northeast 29 Street in Miami (Second Hand Songs, DWNTWN Realty Advisors/Crexi)

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.





    Related Articles

    arrow_forward_ios
    The Cañero Group’s Jose Cañero and 24735 South Dixie Highway (Google Maps, Getty, Linkedin)
    Cañero proposes rental complex in south Miami-Dade
    Cañero proposes rental complex in south Miami-Dade
    SL Green’s Andrew Mathias, Boich Investment Group’s Wayne Boich and Related Companies’ Bruce Beal Jr. with rendering of 1920 Alton Road (SL Green, Boich Enterprises, Related Companies)
    Boich, Beal and Mathias score approval for Sunset Harbour project
    Boich, Beal and Mathias score approval for Sunset Harbour project
    TA Realty Managing Partner James Buckingham and the industrial park at 9701-9793 Northwest 91st Court in Medley (TA Realty, CBRE)
    TA Realty drops $241M for Medley industrial park
    TA Realty drops $241M for Medley industrial park
    Florida Value Partners’ Gus Alfonso and Atlantic I Pacific Communities’ Howard Cohen with renderings of the project (LinkedIn, AP Companies, Corwil Architects, Getty)
    Fries with that? Developers propose rental towers at Shorty’s BBQ site
    Fries with that? Developers propose rental towers at Shorty’s BBQ site
    A photo illustration of J.J. Rendon and Elysee Miami (Getty, Elysee Miami, Oficialjjrendon, CC BY-SA 3.0 - Wikimedia Commons)
    Venezuelan political activist J.J. Rendón buys Miami Penthouse for $15M
    Venezuelan political activist J.J. Rendón buys Miami Penthouse for $15M
    First Quality Enterprises' Kambiz Damaghi along with a rendering of the two proposed residential towers next to MiamiCentral (Getty, First Quality Enterprises, Facebook/Clinton County Economic Partnership, Zyscovich)
    Damaghi family buys resi tower dev sites next to MiamiCentral
    Damaghi family buys resi tower dev sites next to MiamiCentral
    Douglas Elliman’s Jay Parker, Related Group's Jorge Pérez and Fisher island (Google Maps, Getty, Douglas Elliman, Related Group)
    VIP only: Related, partners begin sales of Fisher Island condo project
    VIP only: Related, partners begin sales of Fisher Island condo project
    7431 Fisher Island Drive (Google Maps, Getty)
    Fisher Island unit tops Miami-Dade’s weekly condo sales
    Fisher Island unit tops Miami-Dade’s weekly condo sales
    arrow_forward_ios

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

    Loading...