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

Miami’s New and Pre-Construction Condo Update: March 2017

by Sep Niakan | April 14, 2017

March has been a pretty busy month for Miami’s condo pre-construction market. From two sales gallery launches to four buildings topping-off, there’s been plenty of activity to keep the market abuzz. The biggest news, however, came in the...

Lifestyle

Which Miami Condo Towers Will Win the Battle of the Supertalls?

by Sep Niakan | April 09, 2017

With the FAA (Federal Aviation Administration) relaxing height restrictions in 2015, it seems developers have been racing to break records with one supertall after another. The sky’s going to be the limit for those who dream of snagging the...

Lifestyle

2017 – Official Year of the Buyer

by Sep Niakan | April 04, 2017

I think it’s safe by now to officially declare 2017 as the “Year of the Buyer”. There’s lots of inventory waiting to get off the market, especially the luxury and waterfront kind (read full report here). As our Latin American...

Real Estate News

Miami’s New and Pre-Construction Condo Update: February 2017

by Sep Niakan | March 31, 2017

Of late numbers might have you thinking that things are slowing down in Miami’s condo market, but there’s still a lot of action taking place on the ground. For the month of February, we had a grand opening, two sales launches and some...