ASRR Capital Ltd. — the publicly-traded Israeli company led by New York real estate moguls Alex Sapir and Rotem Rosen — has signed a contract to purchase nearly an entire block in Miami’s Arts & Entertainment District for $33 million, as the firm targets Miami-Dade County for acquisitions.
The property runs from 17th Terrace to 18th Street, and between Northeast Second Avenue and Northeast Second Court. It excludes the “Real Padel Miami” courts but includes S&S Diner. The site is 60, 000 square feet wide and has 1.5 million square feet of air rights. The contract was announced on the Tel Aviv Stock Exchange, where ASRR’s shares are traded.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
The price equates to $546 per square foot for 60, 375 square feet — or $22 per square foot for the air rights, likely the lowest price in the booming district — near the Adrienne Arsht Performing Arts Center and between downtown Miami and Midtown Miami — since the recession.
Currently, the site is occupied by a retail building built in 1924, two buildings built in 1937, including the S&S Diner, and a parking lot, Miami-Dade property records show. The seller is 17th and Second Avenue Properties Corp., whose directors are Enrique Manhard and Viviane Sasson. Manhard, an Uruguayan, owns Chic Parisien.
Read the full story at The Real Deal Miami, by Ina Cordle
