Miami Condo Market and Lifestyle Updates
Over $41 Million in Profit for Mail Carriers Union in Design District Sale

Over $41 Million in Profit for Mail Carriers Union in Design District Sale

by Sep Niakan | January 12, 2016

Way back in 1963, the mail carriers union purchased a plot of land in the Buena Vista neighborhood for $130,000. That plot has recently sold for, well...quite a bit more than that.

The union purchased the property for $130,000 and invested $80,000 in renovations. They later leased the building to the U.S. Postal Service as a post office. The lease continued for over 50 years and then changed a few hands until the land went up for sale again just recently.

The almost 44,000 square-foot property at 66 Northeast 39th Street sold on December 8th, 2015 for $43.2 million to New York real estate development company, Thor Equities.

“Since the whole Design District is changing now, the value moved up so much that it was a once-in-a-lifetime opportunity for our members...that we could sell this building,” said Mark Travers, president of the board of directors of the union’s legal entity, Tropical Letter Carriers Holding Corporation, “Now we want to find a new home, get a decent amount of property, have nice accommodations for our members and have the funds to maintain it forever.”

Thor Equities mainly deals in retail, office, hotel, and residential space and is planning on expanding their New York portfolio in Miami.

 

 

Source: miamiherald.com

Photo credit: miamiherald.com

Recent posts

Real Estate News

Could Cite in Edgewater Have New Hotel Neighbor?

by Sep Niakan | January 12, 2017

According to thenextmiami, a petition involving a 15 by 75 feet alley has sparked speculations that a brand new hotel could be coming to Edgewater. Why? Simply because this alley comes attached to a 7,875 sq. ft. plot located at 348 Northeast 20...

Real Estate News

Brickell Avenue Bridge Schedule, Traffic and Solutions -- All You Need To Know

by Sep Niakan | January 09, 2017

Ever tried driving from Brickell to Downtown Miami for lunch? Most Miamians dread the thought of catching the dreaded drawbridge, which opens every hour or half-hour during non-curfew hours to allow river traffic to pass under. So what’s...

Real Estate News

9 Positive Signs for the Miami Real Estate Market in 2017

by Sep Niakan | January 08, 2017

Last year’s headlines weren’t too kind to Miami with hurricanes, Zika warnings and falling sales painting a dark picture. However, with the elections finally done with, there are plenty of reasons to be optimistic about 2017: 1. ...

Real Estate News

Projects That Will Change the Way We Look at Wynwood, Forever!

by Sep Niakan | December 28, 2016

We all know Wynwood as the friendly, hipster neighborhood splashed with the best street art in the world. It’s where we all go for our art fix, browse far-out finds and linger around for a couple of craft beers. But, how about shopping,...