Miami Condo Market and Lifestyle Updates
Record Amount Spent on Wynwood Property by Real Estate Investment Firm

Record Amount Spent on Wynwood Property by Real Estate Investment Firm

by Sep Niakan | 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.

 

Source: therealdeal.com

Photo credit: Land therealdeal.com

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