A prime piece of Alton Road real estate sold for $21 million to a partnership of New York investors, according to Miami-Dade County records.
The five-story mixed-use property at 1700 Alton Road in Miami Beach includes retail, apartments and parking, according to a listing, and was built in 1923.
AC 1700 Alton Owner, an LLC with the same address as New York-based Springhouse Partners, was the listed buyer. Adam Verner from Springhouse and Chaim Cahane of Forte Capital Management partnered on the deal, Cahane told The Real Deal. Springhouse is an investment, asset and property management firm.
Cahane, also a New York-based investor, has been buying in Wynwood and was part of a separate partnership that paid $11 million for an entire block on North Miami Avenue earlier this year.
The 35,530-square-foot Variety Building has 8,165 square feet of ground floor retail, 70 studio-sized apartments with an existing hotel license, a 5,000-square-foot courtyard, and 25 parking spaces. The retail space is anchored by Vespa. The landmark building, originally the Mayflower Hotel, is one street north of Lincoln Road with access to the Venetian Causeway via 17th Street.
The buyers “intend to upgrade and reposition the asset significantly to take advantage of its prime location and high visibility,” according to a statement provided to TRD.
“We looked at it as a prominent location in a very active market,” Cahane told TRD.
The 15,000-square-foot site last sold for $1 million in 1991, according to Miami-Dade property records.
Miami Beach-based Goldwater Realty was the seller, according to the deed transfer. Zalmana Fellig, president, and Solomon Fellig, vice president, are listed on Goldwater’s corporate records.
Ladder Capital Finance granted the Springhouse affiliate a $19 million mortgage, records show. Mission Capital’s team of Jason Cohen, Jordan Ray, Ari Hirt and Axel DeAngelis brokered the financing.