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
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.
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