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Sapir, Rosen to buy block in Miami’s Arts & Entertainment District: $33 Million

Property, which includes S&S Diner, has 1.5M sf of air rights

Rotem-lot-Alex-Sapir - Alex Sapir and Miami Arts & Entertainment District property - See more at httptherealdeal.commiami20160216assr-to-buy-entire-block-in-miamis-arts-entertainment-district-for-33m#sthash.FT8hV1Fq.dpuf

 

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.

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

 

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