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
Ilana is very professional, great people person and most of all- patient. We looked at numerous units around Miami Midtown / Design District area until I finally found what I have been looking for at the Yorker building loft type unit. Overall experience- two thumbs up!
Latanya is a top-notch professional who worked very hard to sell my condo. She did everything possible to ensure my condo got sold. She regularly updated me throughout the whole process. I live abroad and there were many problems that needed to be dealt with onsite in Miami. Latanya took complete control and always got things done. This included dealing with the condo management office, purchasing new appliances, getting quotes from contractors and even overseeing the contractors work. Nobody could have done a better job! I highly recommend Latanya - she is truly a five star realtor!
Latanya is a professional who not only provides an excellent service to all customers, but always goes a step further. She constantly resolves, deals with whatever has to be done, fights for what the customer needs and does so with absolute dedication and commitment. It is a pleasure to have her as a realtor
Ms Preston was very professional and she was very knowledgeable of the Miami Market. I have worked with her for 3 searches and all were successful. She completed comprehensive research and provided detailed background for each search. I felt confident in her prescreening of listings which helped with my busy schedule. I would definitely recommend her for rental and purchase