Looks like real estate in Miami’s Design District just set a new record per square foot.
The building located at 101 NE 40th Street in the Design District was just sold for $10.5 million. The 4,958 sq ft. building sits on the corner of NE 1st Avenue and NE 40th Street. According to Lyle Chariff, president of Chariff Realty Group:
The purchase price of over $2117 per square foot is a genuine game-changer for The Miami Design District. Much of the new interest is coming from top real estate names in Manhattan—the ones behind the success of New York City’s Madison Avenue, SoHo and Meat Packing District,” he says. “These are sophisticated buyers with a proven ability to discern trends in commercial real estate that are looking to secure locations that are starting to bring in rents as high a $200 per sq foot and rising. There is limited space, and there are many other luxury brands looking for locations to have a presence in the Miami Design District.”
This property is well located and sits in the middle of DACRA’s 540,000 square foot redevelopment of the Design District. Developer Craig Robins is investing $312 million in this neighborhood. You can read more about what’s happening in the Design District by clicking here.
