Harvey Hernandez's Newgard Development Group Acquires Development Site In Miami For $50.5M
99 Southwest 7th Street, Miami, FL 33130
$50,500,000
$2,014/SF
Building Size
25,063 SF
Asset Type
Development Site
Closing
Sep 15, 2021
AI
A development site located at 99 Southwest Seventh Street in Miami has been sold for a total price of $50,500,000. The site spans approximately 1.6 acres in size, making it a valuable asset for potential development projects.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $50,500,000
- Address: 99 Southwest Seventh Street, Miami
- Market: Miami
- Buyer: Harvey Hernandez - Newgard Development Group
- Seller: Benzol Properties - Bernard & Jerome Herskowitz
- Broker: Fortune International Realty
The buyer of the property is Harvey Hernandez, representing the Newgard Development Group. The seller, on the other hand, is Benzol Properties, with Bernard & Jerome Herskowitz as their representatives in the transaction. Fortune International Realty acted as the broker for the deal.
Miami Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93