Record Amount Spent on Wynwood Property by Real Estate Investment Firm
Dec 23, 2014 December 23, 2014
A real estate investment firm based out of New York has just purchased two acres of Wynwood land for $23.5 million, a record for the neighborhood.
East End Capital, represented by Newmark Grubb Knight Frank, purchased the 215 and 227-339 Northwest 24th Street properties from Marc Kovens and Shawn Chemtov for $23.5 million. Kovens and Chemtov were represented by Chariff Realty.
Lyle Chariff, president of Chariff Realty said that the deal set an all time record for the highest sale price of a property in Wynwood. The neighborhood itself is beginning to experience some new investments that are reaching the development of the neighboring Design District.
East End plans on creating a 23,500 square-foot project on a different Wynwood property, which they purchased earlier in the year. Kovens and Chemtov were planning on building an eight-story building with three floors of retail space, and five stories of residences, but ended up selling the land to East End.
Photo credit: Land - therealdeal.com