Joseph Sitt And Jack Sitt Of Thor Equities Acquire Development Site In Wynwood For $30.25M

A development site located at 166, 172 & 179 Northwest 29th Street, 2825 Northwest 2nd Avenue, 169 Northwest 28th Street, 2724 Northwest 2nd Avenue, 208 Northwest 28th Street, and 229, 235 & 245 Northwest 27th Terrace has been sold for $30,250,000. The total square footage of the assets involved in the transaction is approximately 74,197 square feet, which results in a price per square foot of $408. The properties are situated in the Miami market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $30,250,000
• Buyer: Joseph Sitt & Jack Sitt - Thor Equities
• Seller: 2825 Wynwood LLC, 2724 NW 2nd Avenue LLC & 187 NW 28th Street LLC
• Square Footage: 74,197
• Price Per Square Foot: $408

The transaction involved Thor Equities, led by Joseph Sitt, acquiring three Wynwood properties from entities managed by Brian Aronson. The properties were purchased at steep discounts compared to previous trades in 2023, with significant differences in sale prices from prior transactions, including a site previously bought for $26M being acquired for $14.5M.