Updated Jun 5, 2025
David Cohen And Liam Krahe Acquire Development Site In Miami From Dato' Sri Tan Kong Han For $20.9M
1525 Northeast Miami Place
$20,900,000
$588/SF
Building Size
35,544 SF
Asset Type
Development Site
Closing
May 30, 2025
About this deal
AI
A 35,544-square-foot development site located at 1525, 1515 Northeast Miami Place, 75 Northeast 15th Street, 1516, 1512 & 1502 Northeast 1st Avenue has been sold for $20.9 million in the Miami market. The asset is poised for development, given its strategic location in the Arts & Entertainment District and its appeal due to Qualified Opportunity Zone status.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $20,900,000
- Buyer: David Cohen & Liam Krahe - South Florida QOZ Fund
- Seller: Dato' Sri Tan Kong Han - Genting Americas Inc.
- Brokers: Alfonso Jaramillo - Fortune Christie’s International Real Estate; Salomé Bascuñan - Bilzin Sumberg
- Price per Square Foot: $588
A&E District Holding Company, supported by South Florida QOZ Fund I, led by David Cohen and Liam Krahe, will commence a luxury mixed-use project on the site, with plans to break ground in 2026, capitalizing on the property’s advantageous zoning and proximity to significant infrastructure developments.
On the Map
$20,900,000
$588/SF
Development Site
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Players
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
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93