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

Lifestyle

10 December Holiday Events You Won’t Want to Miss

by Sep Niakan | December 06, 2016

It’s my favorite time of year to be in Miami! The weather has cooled off a bit. The city’s abuzz with people from every corner of the world (thanks to Art Basel). The holiday spirit is gradually taking over, and there’s a bunch of...

Lifestyle

Car-free in Miami: How to Give Up Your Car for Lyft and Uber . . . and Love it.

by Sep Niakan | November 29, 2016

This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...

Real Estate News

How Miami Condo Sales Will Benefit from New FHA Lending Rules

by Sep Niakan | November 24, 2016

Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...

Real Estate News

Reflecting on BrickellHouse Robotic Parking Garage Failure

by Sep Niakan | November 22, 2016

It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...