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119 Northwest 24th Street
SOLD

Rock Soffer Acquires Development Site In Wynwood, Miami For $7.75M

119 Northwest 24th Street

Development Site
14,500 SF
clock iconSold 172 days ago
Bernardita Banfi
Juan Andres Nava
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Summary

Sale
FLORIDA
Development Site
14,500 sqft

A development site located at 119 Northwest 24th Street in Miami's Wynwood neighborhood has been sold for a total of $7,750,000. The property spans 14,500 square feet, resulting in a price per square foot of $534.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $7,750,000
  • Square Footage: 14,500

Metro 1 Commercial, a prominent brokerage firm in the area, facilitated this off-market transaction as the sole representative for both the buyer, Rock Soffer, and the seller, Elias Mitrani. Juan Andres Nava, the managing broker at Metro 1, and Bernardita Banfi, a broker associate at Metro 1, successfully closed the deal.

The 14,500 square foot parcel is situated in the Wynwood neighborhood, specifically within the NRD-1 overlay zone. The property is zoned T5-O, allowing for up to 5 stories as of right, and up to 8 stories with additional bonuses. From a density perspective, the site permits 50 residential units as of right, 75 residential units with bonuses, or 100 hotel keys as of right, and 150 hotel keys with bonuses. Metro 1's extensive experience in Wynwood, along with their reputation as the leading placemaker in the neighborhood, played a pivotal role in successfully brokering this transaction.

Players

  • All

    3

  • Agents

    2

  • Agencies

    1

Bernardita Banfi's profile picture
Bernardita Banfi
Metro 1 Commercial-image
Broker Associate, Leasing Advisor
$17M Sold
Juan Andres Nava's profile picture

Details

Deal Summary
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SOLD
IMAGE: Juan Andres Nava & Bernardita Banfi DATE: 01/25/2024 ADDRESS: 119 Northwest 24th Street MARKET: Miami ASSET TYPE: Development Site BUYER: Rock Soffer SELLER: Elias Mitrani BROKERS: Juan Andres Nava (@JuanAndresNavacre) & Bernardita Banfi (@Urbancore.Commercial) - Metro 1 Commercial (@Metro1Cre) SALE PRICE: $7,750,000 SF: 14,500 ~ PPSF: $534 NOTE FROM BROKERS: Metro 1 Commercial is honored to announce the sale of 119 NW 24 Street in Wynwood, Miami. Representing both buyer and seller, Metro 1 successfully closed the sale at a value of $7,750,000. A 14,500 SF parcel zoned T5-O within Wynwood’s NRD-1 overlay, allowing up to 5 stories as of right, and 8 stories with bonuses. From a density perspective, the site allowed 50 residential units as of right, and 75 residential units with bonuses, or 100 hotel keys as of right and 150 hotel keys with bonuses. The value on a per square foot basis breaks down to $534. Juan Andrés Nava, Managing Broker at Metro 1, and Bernardita Banfi, Broker Associate at Metro 1, were the sole brokers in this off market transaction. Metro 1 is the leading placemaker in Wynwood, with over 18 years of experience in the neighborhood, and brokering some of the area’s most significant projects to date.

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Address119 Northwest 24th Street

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