Big Bucks for Brickell Flatiron Restaurant
Post on April 17, 2015 by The Victoria Law Group 0 Comments
I don’t know enough about the restaurant business to know a good decision from a bad decision, but it seems like this was a lot of money to pay at this time for a incomplete restaurant in Brickell.
Brickell Flatiron, the luxury condo tower being developed by Ugo Colombo’s CMC Group, has agreed to sell its upcoming retail/restaurant space for $22.5 million, The Real Deal has learned.
Cervera Real Estate’s Nickel M. Goeseke brokered the deal for the 24,800 square-foot ground floor space at the 64-story planned tower. The buyer under contract is Elysee Investments, a firm led by Avi Dishi of New York and Haim Yehezkel of Miami, which owns and manages a portfolio of commercial properties in New York and South Florida.
Avi Dishi‘s son, Rani Dishi, is one of Nickel M. Goeseke’s closest friends from his college days at New York University, his mother, Veronica Cervera Goeseke, told TRD. “It was a deal done by people who all know each other,” she said.
The price equates to $907 per square foot, as demand heightens for retail space in the burgeoning Brickell corridor. Nearby, Quinto la Huella and Sugar have recently opened at East, Miami. And Brickell City Centre will bring a flurry of new shops and restaurants to the area when it opens in November.
Cervera Goeseke said Brickell Flatiron’s retail/restaurant space will have high ceilings and could attract “some of the best restaurants in the world.” Similarly, Colombo brought in high-end restaurant Zuma to the Epic in downtown Miami.
The buyer wanted a “trophy property,” Nickel Goeseke said in a statement, and was drawn to Brickell Flatiron because of Colombo’s reputation.
“We have been active in the Brickell retail condo market, so when Nickel showed me the deal at Flatiron I knew it was something we wanted to own,” Dishi said in a statement. “The location and Ugo Colombo’s style will make it a great addition to our portfolio and the Brickell retail landscape.”
Colombo’s CMC Group broke ground in March on the 549-unit condo building at 1001 South Miami Avenue in Miami. Construction is expected to be completed by 2019.
Cervera Real Estate is handling sales and marketing for the project, where units start at $465,000. The project is already 54 percent sold, Cervera Goeseke said.
Brickell Flatiron‘s amenities will include a rooftop sky spa and pool deck, a billiard and cigar room, wine cellar, children’s playroom, outdoor lap pool and a children’s pool. Luis Revuelta, along with Italian designer Massimo Iosa Ghini and artist Julian Schnabel, designed the development. Schnabel will work on large-scale artwork for the building’s public spaces.
Colombo purchased the site for $21 million in 2013. In February, he ended his partnership with Vlad Doronin on Brickell Flatiron and the 830 Brickell site by way of a land swap. CMC Group is now the outright owner of Brickell Flatiron, while Doronin holds the title for the assemblage at 830 Southeast First Avenue.
“This sale opens the door to an experienced operator who will effectively market and lease the space – creating an amenity for the residents and neighbors of Brickell Flatiron,” a CMC Group spokesman said in a statement.
Read TRD article here:
Presented by Miami Business Attorney