Retail investor picks up former Señor Frog’s in South Beach
Buyer Yossi Lipkin plans to open a boutique retail store
Miami Beach investor Yossi Lipkin acquired the Art Deco property in South Beach previously home to Jerry’s Famous Deli and Señor Frog’s.
A trust led by nightclub owner Zori Hayon sold the three-story, 12,868-square-feet building at 1450 Collins Avenue to Yossi’s EDY for $10 million, property records show. Lavinia Otero of London Foster Realty brokered the deal.
Yossi said a “beautiful upper-scale resort wear store” plans to open in the building, but he is also exploring other options. “For a restaurant to support this kind of rent, it’s tough now,” Yossi said.
In the long term, Yossi plans to redevelop the property, and could eventually joint venture with Hayon. Yossi said he owns about 30 properties in Miami Beach, including on Ocean Drive.
“I’m a big believer in Miami Beach,” Yossi said. “There’s no other place like Miami Beach.”
Hayon, owner of Cameo nightclub, owned the property for decades. Records show the building was built in 1940 and sits on a 10,411-square-foot lot.
Jerry’s Famous Deli opened in the early 2000s on the site and closed in 2014. Señor Frog’s later took over the space, and closed in early 2020.
Investors have been scooping up retail space in Miami Beach, as the region’s overall retail market has been improving with stabilizing vacancy rates and positive net absorption. Increasingly, out-of-state restaurant operators, particularly from the Northeast, have been expanding to South Florida.
AMAC recently paid $32.5 million for the Class A retail building at 1800-1824 Alton Road in the Sunset Harbour neighborhood of Miami Beach. And the Gebbia family, owners of Siebert Financial and once linked to the “Real Housewives of Beverly Hills,” bought the retail building at 653 Collins Avenue in South Beach for $6.8 million.
Last month, Los Angeles-based Black Lion Investment Group bought the two commercial condos in the Marea boutique condominium in the South of Fifth neighborhood, which are partially leased to RED Steakhouse and KoSushi.