• OREI

Vacant Wynwood site sold for $15M

Updated: Dec 29, 2018

Jeronimo Hirschfeld’s One Real Estate Investment purchased a vacant site in the Wynwood neighborhood of Miami for $15 million.

The 1.79-acre property at 2201 and 2245 North Miami Avenue traded for $192 per square foot, which is less than some other recent deals in the emerging artistic neighborhood. It was sold by 2245 North Miami Ave LLC and 2201 Wynwood LLC, both companies controlled by Felipe Yalale in Fort Lauderdale. The property last traded for $1.7 million in July 2013, following a foreclosure in 2010.

“Wynwood is an extremely attractive market for us and we will continue to invest in this up-and-coming neighborhood,” Hirschfeld said in a news release. “Developers can purchase these attractively located properties at the right price and continue to increase value. Opportunities are always out there, it’s a matter of finding and having access to them.”

Proskauer Rose LLP partner Stuart T. Kapp, along with brokers Vincent J Pastore of Vincent J. Pastore & Associates and Benjamin Mandell of RFK, represented the Miami-based buyer in the deal.

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