Katherine Kallergis

  • 4412 North Bay Road (Credit: One Sotheby’s International Realty)

    4412 North Bay Road (Credit: One Sotheby’s International Realty)

    The brother of Miami Worldcenter developer Dan Kodsi sold a Miami Beach home for $13 million.

    Isaac Kodsi, an attorney and owner of Ark Financial Group, and his wife Teresita Menendez Kodsi, sold their waterfront property at 4412 North Bay Road to 4412 North Bay Road Land Trust, an undisclosed buyer, records show.

    The seven-bedroom, eight-and-a-half-bathroom home has nearly 10,000 square feet of space, a private courtyard, three-car garage, cabana pool house, and a detached office. It was built in 2010.

    Albert Justo and Mirce Curkoski of The Waterfront Team at One Sotheby’s International Realty had the listing. Richard Steinberg of Douglas Elliman represented the buyer.

    The Kodsis paid $4.25 million for the property in 2005 and later built the mansion.

    Kodsi’s brother Dan is a co-developer of Paramount Miami Worldcenter, a 60-story, 530-unit building under construction at the mixed-use, master-planned Miami Worldcenter.

    A number of high-end homes have sold in Miami Beach so far this year. Yext founder and CEO Howard Lerman paid $17 million in February for a 10,665-square-foot spec mansion at 6010 North Bay Road.

  • Keith Larsen

  • Savannah Lakes

    Savannah Lakes

    Savannah Lakes — IMT Capital | $90.5M

    IMT Capital bought a 466-unit townhome community in Boynton Beach for $90.5 million, marking one of South Florida’s largest multifamily deals of the year.

    The 25.6-acre Savannah Lakes community sold for $194,206 per unit. The community at 1001 South Broughton Drive is off of East Gatehouse Boulevard.

    The sellers are Madison, New Jersey-based PGIM Real Estate and Atlanta-based Carroll Organization. They had bought the property from Greystar in April 2018 for an undisclosed price. Greystar had purchased the property in 2013 for $59.2 million, records show. The townhome development was built in 1991.

    Silver Blue Lake Apartments

    Silver Blue Lake Apartments

    Silver Blue Lake Apartments — Newcastle Lake | $23.3M

    A company tied to Shiff Group Holdings sold a 239-unit apartment complex in Miami’s Little River neighborhood for $23.3 million.

    Zvi Shiff, of Shiff Group Holdings, sold the 239-unit development at 1401 Northwest 103rd Street for about $97,489 per unit, records show. The buyer is a Delaware company, Newcastle Lake LLC.

    The Silver Blue Lake Apartments are right off I-95 near Miami Shores City Hall.

    The apartment complex has one- to three-bedroom units with monthly rents ranging from $1,125 to $1,500, according to Apartments.com.

    Boca Villa Apartments

    Boca Villa Apartments

    Boca Villa apartments — Giles Capital Group | $13.5M

    Giles Capital Group sold the Boca Villa apartments in Boca Raton for $13.5 million.

    The buyer is the Marina & Briana Limited Partnership, which is managed by Michael Mele.

    Boca Raton-based Giles sold the 53-unit apartment complex at 100 West Hidden Valley Blvd for $254,716 per unit. Apartments range from one to two bedrooms. The development sits right off the Federal Highway.

    Riverwalk II Apartments

    Riverwalk II Apartments

    Riverwalk II Apartments — Jeremy Bronfman | $12M

    A company tied to a member of the wealthy Bronfman family bought a 112-unit affordable apartment complex in Homestead for $12 million.

    Jeremy Bronfman, a scion of the family that founded the spirits company Seagrams, bought the apartments at 301 Southeast Sixth Avenue for $107,142 per unit, records show. Miami-based Treevita Group, led by Hugo Cascavita, sold the property.

    Riverwalk II Apartments total 89,218 square feet and were built in 1994, records show. They are subsidized under the Low Income Housing Tax Credit program.

    Havana Palms II

    Havana Palms II

    Havana Palms II | $10.1M

    Key International sold a group of apartment buildings in Little Havana for $10.1 million.

    The Miami-based company, led by co-presidents Inigo and Diego Ardid, sold Havana Palms II, a 79-unit multifamily complex at 931 Southwest Third Street in Miami, to an undisclosed foreign buyer, according to Marcus & Millichap.

    The 2-acre property includes 10 buildings built in 1947. The property was 97 percent occupied at closing. Havana Palms II sold for about $128,000 per apartment.

    The property, which could eventually be redeveloped, consists of three studios, 48 one-bedroom apartments and 28 two-bedroom apartments.

  • Katherine Kallergis

  • Chef Timon Balloo and Felix Bendersky with the Ingraham Building (Credit: Twitter, Facebook and Google Maps)

    Chef Timon Balloo and Felix Bendersky with the Ingraham Building (Credit: Twitter, Facebook and Google Maps)

    Balloo and Margot Wine Bar | Downtown Miami

    Chef Timon Balloo, a chef-partner at Sugarcane Raw Bar Grill, is opening a new concept in downtown Miami called Balloo: Modern Home Cooking. The 800-square-foot restaurant is set to open at the Ingraham Building in downtown Miami this summer.

    Bar Lab Group, led by mixologists Gabriel Orta and Elad Zvi, will open a 1,172-square-foot wine and amaro bar called Margot Wine Bar this fall. Orta and Zvi, of the Broken Shaker, the Anderson and other popular Miami bars, are leasing space at the Ingraham Building, at 25 Southeast Second Avenue, as well.

    Real estate investor Shai Ben-Ami will partner with both tenants on ownership and buildout.

    Felix Bendersky of F+B Hospitality Brokerage, and Mika Mattingly and Soleil Mershon of Colliers International South Florida represented the landlord, and Ben-Ami represented the tenants.

    Bunbury | A&E District

    Bunbury Wine Bar is hopping over from Wynwood to Miami’s Arts & Entertainment District.

    The wine bar and restaurant closed its original location at 2200 Northeast Second Avenue and opened at the Melo Group’s Square Station, at 1420 Northeast Miami Place. Bunbury is leasing 7,500 square feet of ground floor retail space at Square Station. Unlike its original location, the restaurant is open for breakfast and lunch.

    Melo closed on a $142 million refinance of the project in December. The two-tower, 710-unit development was completed about a year ago and is fully leased.

    Via Emilia Garden | Midtown Miami

    Nonna Beppa Hospitality Group signed a 10-year lease for Via Emilia Garden in Midtown Miami, at 3500 North Miami Avenue.

    Claudia Lorenzi, president of Orange Realty Miami, brokered the deal. The restaurant, led by chef Wendy Cacciatori and her wife Valentina Imbrenda, will feature the same menu as its sister location in South Beach. The Midtown space has 2,000 square feet of indoor and outdoor space with an open kitchen and Italian market.

    Riverside | Miami Riverfront

    Riverside, a new waterfront food hall, is expected to open this summer at 431 South Miami Avenue. The 120,000-square-foot space will have two full-service restaurants: AWA, an Asian concept, and an as-yet unnamed high-end steakhouse. It will also have a Miami River Brewery taproom and fast-casual concepts that include Le Chick, Old Lisbon and Morgan’s.

    Salty Donut | South Miami

    The Salty Donut is finally opening in South Miami. The popular Wynwood donut shop is leasing 1,300 square feet at 6022 South Dixie Highway, in the former Fox’s Lounge building.

    Lndmrk Development and Wynwood Retail Co. are redeveloping the properties at 7435 Southwest 61st Avenue and 6022-6030 South Dixie Highway. Dwntwn Realty Advisors’ Tony Arellano arranged the lease. The asking rent was $65 per square foot, triple net. Salty Donut signed a five-year deal with a five-year extension.

    Pompano Beach Fishing Village | Pompano Beach

    Pompano Pier Associates has leased its Pompano Beach Fishing Village to: Pompano Beach House, which is open; Oceanic, opening this summer; and Lucky Fish, opening in the fall. Next year, Kilwins, Cannoli Kitchen and BurgerFi are all set to open.

    Pompano Beach Associates closed on a $1.7 million loan in 2017 to finance construction of the project, which will include a dual-branded Hilton Hotels property. The developer holds a 50-year ground lease from the city for the site.

    Pinstripes | Aventura

    Pinstripes is opening a 30,000-square-foot location at the Esplanade at Aventura, which is under construction. It is being developed by Seritage Growth Properties, near Aventura Mall.

    The two-story Pinstripes will feature an Italian-American bistro and wine cellar, 12 bowling lanes, indoor and outdoor bocce courts and event space.

    Time Out Market | Miami Beach

    Time Out Market opened earlier this month in Miami Beach. The over 18,000-square-foot food hall, at 1601 Drexel Avenue, features 18 eateries, including: Coyo Taco, Kush, Bachour, 33 Kitchen, Azucar and Miami Smokers.

    Instead of charging rent, Time Out takes a percentage of the chefs’ revenues from sales.

  • David Jeans and Erin Hudson

  • The welcome message plastered above the Las Vegas convention center said what people in the retail industry have had a hard time coming to terms with in recent years: “Less traditional. More innovative.”

    As bankruptcies, store closings and e-commerce have increasingly dragged revenues away from retailers, attendees of this year’s International Council of Shopping Centers convention expressed unwavering optimism.

    “Retail has always had to reinvent itself,” said Dan Spiegel, the managing director of Coldwell Banker Commercial. “We are now just going through a faster rate of change.”

    Following the traditional Sunday festivities that kick off the annual conference at hotel pool bars, Monday morning was anything but a sleepy start. Close to 30,000 people flowed through convention center that day, while a never-ending line outside the center’s only Starbucks outpost continually formed. By midday, much of the New York crowd headed to Meridian Capital Group’s lunch event, which featured a smorgasbord of food trucks.

    Speaking about New York in particular, Jeffrey Roseman, a vice chairman at Newmark Knight Frank, described owners as generally “cautious” and said they were no longer holding out for big rents, while most retailers are “being smarter and a little more conservative” with how they spend their money on brick-and-mortar.

    Crowds formed at panels that were largely dedicated to innovative concepts that can drive retail tenants back to storefronts. One talk included a Q&A with heads of startups that are disrupting the space, including StoreFront, whose CEO Mohamed Haouache describes the company as the “Tinder of retail” because of it matches tenants with landlords.

    Still, some noted an observed lower number of attendees this year in comparison to 2018.

    “It looks not as crowded as it has been in other years,” said Maurice Nieman, an executive managing director of Savills’ capital markets group in Los Angeles.

    Thomas Lorenzo, Hilton’s managing director of developing in the northeast U.S. and Canada, echoed the sentiment, calling Monday’s crowd, which is typically the peak, “definitely lighter.”

    However, those observations didn’t ring true at the major commercial brokerage booths. CBRE and JLL had sprawling setups facing one another that were each filled with hundreds of people dealmaking across tables.

    While waiting for a meeting at Cushman & Wakefield’s booth with Starbucks for a shopping center client, Kelly Rule from Pappas Investment described the conference as “crazy.” She said she’s been coming for 10 years but this year “it’s just been shoulder to shoulder.” When she heard others’ reported less people, she said “talk to some brokers.”

    CoStar Group, which has the only two-story booth in the convention, this year converted the upper floor into a television studio, where CEO Andrew Florance was seen being interviewed. Downstairs, he was later playing cards with other CoStar executives. Similar to last year, a Model S Tesla with $25,000 in cash spread inside the dashboard was on display. CoStar auctioned it off on Tuesday afternoon.

    On Tuesday, as per usual, many attendees headed home. But some dedicated folk stayed on.

    Brandon Singer, a leasing broker at Cushman whose clients largely comprise new-age, retail disruptors, was still taking meetings in the firm’s bustling booth late that morning.

    He said many of his clients – which include Showfields, the self-proclaimed WeWork of retail, and 3den, an amenitized rest space – didn’t attend the conference themselves because of scale. They’re working on a handful of deals as opposed to the dozens larger retailers may be ironing out, he explained, “it’s a long flight for one meeting.”

    “It probably seems like it’s quieter,” he said. “[But] this year, I actually felt momentum was up.”

    Simon Ziff of Ackman-Ziff Real Estate Group had a different takeaway: “This year more of our meetings were about capitalizing mixed-used projects and significant redevelopments with retail as a smaller component.”

    Photos by Erin Hudson. 

    Ashley McHugh-Chiappone contributed reporting.

  • Inside TheRealDeal
  • Katherine Kallergis

  • Marcelo Kingston and a rendering of 57 Ocean (Credit: DBOX)

    Marcelo Kingston and a rendering of 57 Ocean (Credit: DBOX)

    The developer of a boutique luxury condo project in Miami Beach is adding units based on increased demand, a rarity during a condo market slowdown.

    Multiplan Real Estate Management is adding 10 “sky residences” to 57 Ocean, now a 71-unit development planned for 5775 Collins Avenue, managing partner Marcelo Kingston said. That brings the number of sky residences to 18, up from 8.

    Penthouse Living Room Wine Cooler (Credit: DBOX)

    Penthouse Living Room Wine Cooler (Credit: DBOX)

    Kingston said the developer decided to reconfigure the building’s design after selling more than half of those units, which range from $6.95 million to $8.5 million. The “sky residences” have more than 5,000 square feet of indoor and outdoor space, four bedrooms, a family room, and 12-foot-deep terraces facing the city and the ocean. They’ll be located on the south and north corners on the upper floors of 57 Ocean.

    Kingston said the project’s presales speak to the quality of the building in an oversaturated marketplace. Developers have largely held off on launching new condo projects in Miami’s high-end, coastal markets due to the slowdown in new development condo sales.

    But Kingston said that he’s seeing an increase in buyers from New York. That could be due to an increase in “tax refugees” – a.k.a. ultra wealthy buyers who are flocking to states with no income tax like Florida due to changes in the tax code.

    Gourmet Kitchen (Credit: DBOX)

    Gourmet Kitchen (Credit: DBOX)

    Penthouses at 57 Ocean range from $15 million to $35 million. And a penthouse duplex, which can be customized by size, is also available.

    Multiplan, led by Brazilian billionaire José Isaac Peres, launched sales of 57 Ocean with Fortune Development Sales in October and unveiled a multimillion-dollar sales center in January.

    The beachfront property was previously home to the Marlborough House condo building, which unexpectedly collapsed at once during its planned demolition last year, killing a project manager. Earlier this year, the family of that project manager filed a wrongful death lawsuit against the contractor and subcontractors, as well as the developer.

  • Katherine Kallergis

  • Miami skyline (Credit: iStock)

    Miami skyline (Credit: iStock)

    Miami-Dade

    After a rough first quarter, residential sales in Miami-Dade increased slightly in April, up 1.1 percent year-over-year to 2,629 closings. The total sales volume in April was $1.23 billion, compared to $1.19 billion a year earlier.

    Single-family home sales rose nearly 4 percent to 1,265, while condo sales decreased by 1.4 percent to 1,364, according to the Miami Association of Realtors. In March, condo sales rose sharply, up 18 percent year-over-year.

    Prices increased as well, up 3.2 percent in April for single-family homes to $356,000, and up 2.8 percent to $248,000 for condos.

    Broward

    Residential closings rose in Broward as well, increasing by 4.4 percent year-over-year to 3,141 sales. That’s thanks to an 11.8 percent jump in single-family home sales, up to 1,541 closings. Condo sales in Broward fell by nearly 2 percent to 1,600 closings.

    The total sales volume passed the $1 billion mark, totaling $1.1 billion in April, up from nearly $987 million.

    Despite the jump in single-family home sales, the median price of a house rose only 1.3 percent to $360,000. The median price of condos increased by 5.3 percent to $170,000.

    Palm Beach

    Residential sales were essentially flat year-over-year in Palm Beach County, increasing by 0.03 percent or one sale. Single-family home sales rose to 1,714 closings, up 1.4 percent. Condo sales fell by 1.6 percent to 1,384.

    Sales volume also remained flat at $1.4 billion, as did the median price of single-family homes, which was $350,000 in April. Condo prices increased slightly, by 1.8 percent, to $185,000.

  • Keith Larsen

  • Dean Trantalis, Ken Valach, and a Alexan Tarpon River rendering

    Dean Trantalis, Ken Valach, and a Alexan Tarpon River rendering

    When Trammell Crow Residential brought plans to bring a new 21-story, 180-unit apartment tower in downtown Fort Lauderdale in 2017, the project seemed like a sure thing.

    Two city committees had found the project to have largely met the city’s guidelines. It also received approval from the historic preservation board. But a year later, under a new mayor and new city commissioners, the Alexan Tarpon River project never received approvals from the city and the project never got off the ground.

    Edgewater Condo Association, which represents the unit owners of the existing building at 501 Southeast Sixth Avenue, filed a lawsuit this month against the city of Fort Lauderdale in federal court alleging the city discriminated against the project. It further alleged “the Commission acted arbitrarily and capriciously and in furtherance of no legitimate government interest.”

    Developers often grow frustrated at city officials for halting their planned development projects. The lawsuit shows, however, that these tensions may be escalating under Fort Lauderdale Mayor Dean Trantalis and the commissioners, who are more reluctant to approve new real estate development than previous administrations.

    In March 2018, the design review board approved plans for the Alexan Tarpon project, a decision that would become final 30 days from then unless the commission decided to review the application. In order to review the application, the commission would first have to find that the project “misapplied or failed to apply one or more” of the city’s requirements, according to the lawsuit.

    The commission then called the project up for another hearing in May 2018. At this meeting, the developer proposed reducing the height to 14 stories to alleviate some of the neighborhood’s concerns.

    Also during this meeting, the complaint alleges that commissioner Steve Glassman’s misgivings about the project came from his constituents, who told him “don’t forget why we voted for you, we voted for you…. To slow down development.”

    The developer did not receive approvals for the project in May and attempted to reduce the number of units to 120 its next meeting in June. The committee pushed for another meeting in August.

    This time, the developer went back to proposing to build 180 units and the commission ultimately denied the application by a vote of 3 to 2.

    The lawsuit alleges the commission never stated how it failed or misapplied its requirements with the city. It also alleges that the city approved four other developments, including a 374-unit, 32 story residential building at 419 Southeast Second Street that were indistinguishable from Trammell Crow’s project.

    The condo association claims it has been deprived of its “basic fundamental rights of equal protection and procedural due process under the law.”

    A spokesperson for Trammell Crow Residential declined comment citing pending litigation. The city of Fort Lauderdale did not respond to a request for comment.

  • Katherine Kallergis

  • David Beckham, Jorge Mas and a rendering of the Overtown stadium

    David Beckham, Jorge Mas and a rendering of the Overtown stadium

    David Beckham and his partners will close on a site in Miami’s Overtown neighborhood, even as they forge ahead with their plans to build a mega-soccer stadium complex on a different property near Miami International Airport.

    According to a statement from Inter Miami CF, the Major League Soccer team owned by Beckham, Jorge and Jose Mas and others, the group remains “fully committed to bringing Major League Soccer to the City of Miami and creating Miami Freedom Park, as approved by 60% of Miami voters” but will close on the $9 million purchase of the Overtown property.

    Miami Beckham United LLC has been under contract to buy the county land, putting a $450,000 deposit down so far. Another payment of $901,500 was due in June 2018 before Miami-Dade Mayor Carlos Gimenez agreed to extend the deadline until litigation over the no-bid land deal was resolved.

    Activist Bruce Matheson sued to undo the deal but failed to win at trial and on appeal. Last week, the Florida Supreme Court declined to hear an appeal by Matheson. Miami Beckham United was facing a seven-day deadline from that decision to notify the county whether it wants to surrender the three acres or pay $901,500 to keep the county land under contract.

    In March, Jorge Mas told the Miami Herald that the land in Overtown was a backup stadium site if the group fails to negotiate a deal to build a stadium at the city-owned Melreese golf course in Miami.

    Mas said in a statement that Inter Miami CF is still set on the Melreese property. “Our vision includes a 58-acre public park, soccer stadium with a great fan experience and high-paying jobs on the Melreese site,” he said.

    Miami-Dade County Mayor Carlos Gimenez told the Herald that Mas and his partners plan to seek building permits for a stadium on the Overtown land. He also said they discussed building other projects on the property, including affordable housing.

    The county commission would have to approve a change in the intended use of the property if the group decides to move forward with a project other than a stadium.

    At the same time, Beckham and his partners are planning to build a temporary home for their soccer team.

    Miami Beckham United also signed an agreement with the city of Fort Lauderdale to replace city-owned Lockhart Stadium with a training facility and an 18,000-seat stadium where its MLS team would play in its first two seasons in 2020 and 2021.

  • Keith Larsen

  • Dressbarn is set to close down 650 stores (Credit: iStock)

    Dressbarn is set to close down 650 stores (Credit: iStock)

    Dressbarn is the latest casualty of the retail apocalypse.

    Ascena Retail Group announced on late Monday it planned to wind down operations for its Dressbarn chain and close all of its 650 stores, according to a press release. The company did not give a date as to when it would officially close its stores. Ascena Retail Group also owns the Justice, Lane Bryant, and Catherines clothing store brands.

    “This decision was difficult, but necessary, as the Dressbarn chain has not been operating at an acceptable level of profitability in today’s retail environment,” said Steven Taylor, CFO of Dressbarn, in a statement.

    The women’s clothing retailer, founded in 1962 by Elliot and Roslyn Jaffe in Stamford, Connecticut, has about 6,800 employees, according to its website. Dressbarn has eight stores in South Florida, including two in Miami, one in Boca Raton and one in West Palm Beach. The company also has 10 stores in New York City and one in Los Angeles, according to its website.

    Retailers like Dressbarn have faced significant challenges due to the rise of e-commerce and new fast-fashion brands such as H&M and Zara.

    Over the past year, a number of retailers have shed hundreds of stores or filed for bankruptcy amid slowing sales. In February, Payless ShoeSource announced its plans for bankruptcy resulted in the closure of all of its 2,300 stores.

    Real estate investors and developers are still trying to figure out what to do with distressed retailers and how to reposition the space caused by these closures. A report from CBRE found that fitness, furniture and entertainment businesses are likely to fill the vacant spaces in the Greater L.A. retail market.

  • E.B. Solomont

  • Rotem Rosen and Zina Sapir

    Rotem Rosen and Zina Sapir

    Another real estate romance is ending in divorce.

    Israeli-born developer Rotem Rosen and Zina Sapir-Rosen, daughter of the late real estate mogul Tamir Sapir, are splitting after 12 years of marriage.

    The couple, who married in 2007, reportedly have two children. Their lavish wedding took place at Mar-a-Lago, and featured a fireworks display and performances by Lionel Ritchie and the Pussycat Dolls. (President Trump, a “good friend” of both the bride’s father and Rosen was in attendance.)

    According to court records, Sapir-Rosen filed for an uncontested divorce last month — meaning a division of the couple’s real estate and other holdings won’t play out in court. The couple owns a sprawling Upper East Side penthouse where the “Wolf of Wall Street” was filmed. Sapir-Rosen bought the condo at 300 East 55th Street for $7.6 million in 2005, property records indicate.

    Sources said Rosen’s relationship with his wife’s brother and former business partner, Alex Sapir, had strained the couple’s marriage.

    Sapir-Rosen, 44, is being represented by Patricia Hennessey, who represented Vanessa Trump in her divorce from Donald Trump, Jr. Steven Silpe and Marc Kasowitz, President Trump’s former lawyer, is representing Rosen, 42. The attorneys did not immediately respond to a request for comment.

    Rosen made a name for himself as CEO of Africa Israel USA, a holding company controlled by Russian oligarch Lev Leviev. He held that job from 2005 to 2009, when he was named CEO of the Sapir Organization, working closely with Alex Sapir, then president of the family firm.

    In the wake of the financial crisis, Rosen and Sapir restructured the family’s portfolio, notably by recapitalizing and leasing 11 Madison, which the company and minority partner CIM Group sold to SL Green Realty for $2.6 billion in 2015 — which that year was the largest single-asset trade and at the time set a record the second-highest sale price for a U.S. office building. They sold 50 Murray and 53 Park Place to David Bistricer for $560 million in 2014. That year, they also also picked up the Mondrian Soho Hotel (formerly owned by Morgans Hotel Group) for $205 million. The Sapir Organization also developed the 26-story condo-hotel Trump Soho.

    Shortly after Tamir Sapir died in 2014, Rosen and Alex Sapir went on to purchase ASRR Capital, a publicly-traded Israeli company with developments in Miami and New York.

    Last year, Rosen and Alex Sapir split — with Sapir buying out Rosen’s stake in ASRR for $70 million. (Kasowitz represented Rosen in that breakup, too.) The company changed its name to Sapir Corp. Ltd. in 2018.

    Last year, Rosen co-founded MRR Development with billionaire industrialist Anand Mahindra and Jerry Rotonda, former CFO of Deutsche Bank of the Americas. Rosen subsequently bought out Rotonda’s stake and recently tapped Danny Avidan — ASRR’s former CEO — as CFO of MRR, according to filings on the Tel Aviv Stock Exchange.