Adam Neumann And Yakir Gabay Acquire Miami Development Site From Chetrit Group For $525M

The property asset involved in this transaction is a development site located at 275 Southwest 6th Street in Miami. The asset spans 4,000,000 square feet and encompasses approximately 6.2 acres. The transaction is valued at $525 million, with the Chetrit Group selling a majority stake while retaining a minority interest in the project.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $525 million
• Square Footage: 4,000,000 SF
• Acres: 6.2
• Buyer: Adam Neumann - Flow
• Buyer: Yakir Gabay - Yellowstone Trust
• Seller: Joe Chetrit - Chetrit Group
• Seller: Jonathan Chetrit - Chetrit Group
• Seller: Meyer Chetrit - Chetrit Group

The deal includes plans for the first phase, which consists of a 54-story tower comprising 632 units, 39,000 square feet of commercial space, 770 parking spaces, and 17 boat slips, with provisions for three additional towers. The stakeholders involved in this project are significant players in real estate development, presenting a collaborative effort towards enhancing the Miami River District.