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Brooklyn Developer Buys Wynwood Properties For $39 Million

A developer from Brooklyn, New York made three property acquisitions in Miami’s Wynwood Arts District, potentially setting up a major development.

The deals, which totaled $38.86 million, give LivWrk Sol Wynwood LLC, managed by Asher Abehsera, the CEO of Brooklyn-based LivWrk, ownership of 2.45 acres in one of Miami’s fastest-growing neighborhoods.

The biggest deal was for $18.51 million, with EEFC 2400 NMA Owner LLC, managed by New York-based East End Capital Managing Principal Jonathan Yormak, selling 1.16 acres at 2400, 2412 and 2418 N. Miami Ave. plus 29 N.W. 24th St. The site currently has 11,305 square feet of commercial buildings. It last traded for $6.25 million in 2015.

In addition, EEFC 2500 NMA Owner LLC, also part of East End Capital, sold the 19,813 square feet of property at 2500 N. Miami Ave. and 33 N.W. 25th St. for $6.5 million. It has a 3,045-square-foot commercial building.

Finally, LivWrk Sol Wynwood paid $13.85 million to 3 CI Holdings, managed by Catherine DeFrancesco, for the 36,250-square-foot site at 48 N.W. 25th St.

 

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LIVWRK In Contract To Buy Wynwood Assemblage From East End Capital

LIVWRK, a Brooklyn-based development firm, is making its first foray into Miami commercial real estate, The Real Deal has learned.

The company, led by founder and CEO Asher Abehsera, is under contract to buy a 2.5-acre assemblage in Wynwood, according to sources. East End Capital is selling the properties at 2400 and 2500 North Miami Avenue in Miami. LIVWRK will partner with the neighboring property owner at 48 Northwest 25th Street

Abehsera confirmed that the deal is under contract. A source said the price is about $25 million, and the sale is expected to close in about a month and a half.

Abehsera said his company is interviewing architects from around the world to “do something that’s more elevated from a design perspective” than what has been built in Wynwood so far.

The assemblage could be developed into more than 650,000 square feet with a mix of residential, retail, hotel or creative office, Abehsera said.

East End Capital had planned to develop the North Miami Avenue properties into two mixed-use projects with co-living, micro units, coworking and traditional office space. The New York and Miami-based firm, led by founder Jonathon Yormak, secured approvals for the projects last year.

The other parcel is owned by 3 CI Holdings LLLP, an entity managed by Catherine DeFrancesco, owner of Sol Yoga, and Andy DeFrancesco. Alex Karahkanian and Cahane sold the office and retail building on that site to the DeFrancesco entity last year for $17 million.

In March, East End Capital sold a Wynwood retail property that was in foreclosure to Cahane’s Forte Capital Management and Jon Krasner’s 7G Realty for $11.8 million.

East End and its Australian investors were recently ordered to pay back a $5.5 million deposit tied to a failed sale of their office tower in downtown Miami.

In Brooklyn’s Dumbo neighborhood, LIVWRK and CIM Group are in contract to sell the rental portion of their luxury development at 85 Jay Street to RXR Realty for $220 million.

 

Source:  The Real Deal

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