UPDATED, 5:10 p.m., June 29: Developer Manny Varas just sold a newly-built property in the Design District for $10.1 million, a considerable markdown from its listed price.
Perpetual Love Acquisitions LLC, a Delaware company, closed on the Mediterranean-style, three-story building at 4136 North Miami Avenue, said Dwntwn Realty Advisors’ Tony Arellano and David Spitz, who represented the seller.
The 16,900-square-foot building, which was completed in 2017, was on the market for $14 million, meaning it sold for 28 percent less than asking. Rena Kliot of Pulse International Realty represented the all-cash buyer.
Kliot, who declined to identify the buyer, said they plan to open a private language immersion school out of New York to focus on teaching languages such as Mandarin and Spanish. It will be the first school in South Florida for the unnamed foundation, Kliot said.
Varas previously said he bought the 9,400-square-foot development site with investors in 1999 for $500,000.
The $6 million construction project was partially financed with a $3.5 million construction loan.
Retail tenants in the Design District include Hermès, Louis Vuitton, Christian Dior, Bulgari and Prada. Developer Craig Robins of Dacra has led the neighborhood’s transformation into a luxury shopping district.
Fun For A Cause! Great day on the Golf Course with The Real Deal and our Colleagues co-Sponsoring a golf outing to raise money for the Orphaned Starfish Foundation. click here to see the photos.
"Pulse International Realty's Laura Keller represented the buyer. Keller, along with Pulse owner and broker Rena Kliot, declined to identify the buyer, but said he is an early investor in Bitcoin. "It actually went rather smoothly. We had two parties with the same mindset," Kliot said.... Read More on The Real Deal Miami
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