Gary Krat Of GK Real Estate 5 LLC Purchases Wynwood Development Site From David Sedaghati For $54M
2401 Northwest 6th Avenue
$54,000,000
$835/SF
Building Size
64,629 SF
Asset Type
Development Site
Closing
Mar 29, 2026
AI
A 1.92-acre development site located at 2401 Northwest 6th Avenue and 520-590 Northwest 26th Street in Miami was sold for $54 million. The site includes 64,629 square feet of existing commercial buildings and was previously intended for a mixed-use project of 1.06 million square feet and 1,300 units under Florida’s Live Local Act, though no construction has commenced.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $54,000,000
- Square Footage: 64,629
- Price Per Square Foot: $836
- Buyer: Gary Krat - GK Real Estate 5 LLC
- Seller: David Sedaghati - Ultimate Equity
- Market: Miami
- Acreage: 1.92
Gary Krat’s GK Real Estate 5 LLC acquired the property from David Sedaghati's Ultimate Equity. This transaction involved a previously planned development that has not yet begun construction.
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
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93