Monthly Archives: March 2016

Out with a bang: Anbang reportedly ends bid for Starwood

The W Hotel Union Square is one of Starwood’s New York City hotels

From the New York website: Anbang Insurance Group is reportedly giving up on its bid to take over Starwood Hotels & Resorts. The move likely ends a two-week bidding war with Marriott International that grabbed headlines around the world.

The Wall Street Journal broke the news late Thursday afternoon.

The decision to end the deal comes a week after Chinese news site Caixin reported that China’s insurance regulator could reject a takeover, citing rules that limit insurance companies to invest no more than 15 percent of their assets abroad. The New York Times also recently questioned the deal’s feasibility, arguing that Starwood would have few options to enforce it.

Starwood has yet to confirm that Anbang is withdrawing its bid. The Wall Street Journal report cited unnamed sources close to the talks.

Anbang, known for its opaque ownership and aggressive expansion over the past two years, launched a bidding war for Starwood with an unsolicited $13.2 billion offer two weeks ago. Marriott had agreed to buy the rival hotel company last year, but the deal hasn’t closed yet.

Starwood accepted Anbang’s offer, but last week Marriott responded with a new bid worth $13.6 billion. On Monday, Anbang again raised its offer, this time to $14 billion, before withdrawing its bid Thursday.

Despite its Starwood ambitions falling through, Anbang won’t end March empty-handed. Earlier this month, the firm agreed to buy 16 U.S. hotels, including the Essex House on Central Park South, from Blackstone Group for $6.5 billion. Anbang already owns the Waldorf Astoria hotel, which it bought from Blackstone for $1.95 billion last year. — Konrad Putzier

Source:: The Real Deal

The Wrap: Famed architect Rafael Moneo to design Apeiron at Jockey Club, sea-level rise could destroy Miami’s historic architecture…and more

A rendering of the two-tower Apeiron at the Jockey Club project in North Miami” target=”_blank”>Keith Allison)

1. Famed architect Rafael Moneo to design Apeiron at Jockey Club [Curbed Miami]
2. Sea-level rise could destroy Miami’s historic architecture [Miami New Times]
3. Restaurant in business 24 years to relocate Miami Beach store [SFBJ]
4. Real estate runs in family for many power players [Wall Street Journal]

Sean Stewart-Muniz

Source:: The Real Deal

Gil Dezer shows off his cars and private jet: VIDEO

South Florida developer Gil Dezer has always had a fixation for things that go fast. And last night, the real estate tycoon/self-proclaimed motorhead showed off his private jet and collection of pricey super cars for CNBC’s “Secret Lives of the Super Rich.”

Dezer, whose firm Dezer Development has erected several residential high-rises in Sunny Isles Beach and is on the eve of opening its Porsche Design Tower condominium, appeared on the Wednesday night season premiere of CNBC’s “Secret Lives of the Secret Rich” for an inside look at the developer’s most expensive toys.

“They’re investments you can enjoy,” he said on the show.

His collection of customized Porsches is valued in the millions, and each one is painted his favorite shade of silver, according to the show. He even named his $1 million Porsche 918 Spider “Dezerv8r” after the “Dezervator” car elevator in the Porsche Design Tower.

The most expensive of the lot shown in his collection is a $1.5 million Bugatti Veyron, of which 450 were ever made.

Dezer’s prized possession, however, is his $17 million Gulfstream IV private jet. Even that received his personal touch: the whole plane is that particular silver, and he replaced all of the seats with ones similar to his Ferrari 458 Italia. Each one costs about $55,000, by the way.

“If it looks good in the car, it probably looks good in the plane too,” he told CNBC. — Sean Stewart-Muniz

Source:: The Real Deal

Jeff Greene on WPB: “We’re on the runway about to take off”

One West Palm and Jeff Greene

Jeff Greene, the billionaire real estate investor who has spent $300 million buying properties in West Palm Beach, remains quite bullish on the city’s real estate prospects, just as you’d expect.

“We’re on the runway about to take off,” he said at an Urban Land Institute conference in West Palm Beach on Thursday.

Of the many plans he has in the works, Greene says his One West Palm project at 550 North Quadrille Boulevard represents the top priority. The planned $250 million development, designed by Arquitectonica of Miami, would take up an entire block and include two 30-floor towers that look like stacked blocks.

The ground floors will contain shops, restaurants and corner parks, as well as a daycare center and a fitness center with indoor and outdoor tennis courts. One tower will include 340,000 square feet of Class A office space, and the other will include a five-star hotel with 209 guest suites and 84 luxury condo or rental units above that.

The city approved the plan in January and Greene hopes to break ground in summer or fall. He said he will finance the development with his own equity and a bank loan and that he’s not taking on any partners in the deal. “I’m in a lucky position that I don’t need to pre-lease,” Greene said. “I’m not subject to the credit markets’ volatility.”

Greene’s second priority is a grocery store that he sees as the lynchpin of more than 5 acres of property he owns in the Northwood neighborhood, which is north of downtown, close to the Intracoastal Waterway. Greene said he can’t reveal the name of the company he’s negotiating with, but in the past he reportedly spoke to Publix about it.

“Hopefully the grocery store will lead to the integration of the neighborhood,” Greene said. “We could have a couple thousand apartments and condos, retailers. Someone even suggested an independent/assisted living facility. There are all kinds of possibilities.” Coordination will be important in the area, he said. “Maybe we’ll want to have one fantastic gym instead of seven separate ones.”

Greene said he’s not worried about his projects creating a bubble in West Palm’s property market. “I’m going one step at a time,” he said. “I’m not competing with myself. I’m not putting up five high-end condo buildings at once.” In fact, he has submitted to city officials a plan for a 12-story, 400-unit micro-apartment building at 550 Banyan Boulevard.

As for West Palm’s biggest challenges, Greene noted the city doesn’t have a traditional economy. “It’s driven by tourism and retirees,” he said. “It’s all about people. How do you get job creators?” He said projects such as the renovation of the Norton Museum of Art and the construction of a new spring training baseball stadium for the Astros and Nationals have the ball rolling. “Make the city better, and more people will come.”

Source:: The Real Deal

Sammy Sosa hits home run with $9M sale of Golden Beach home

667 Ocean Boulevard and Sammy Sosa (Photo via Flickr)

Sammy Sosa, the famous retired Major League Baseball slugger, just closed on the $9.15 million off-market sale of his waterfront mansion in the exclusive Golden Beach neighborhood.

The deal, which closed Thursday, includes the 7,273-square-foot home at 667 Ocean Boulevard. Built in 1998, it has seven bedrooms, eight bathrooms, one half-bath and occupies 24,900 square feet of beachfront turf.

Some of its features include a large master suite with its own terrace overlooking the ocean, a central courtyard with a fully stocked koi pond, plus a modern kitchen with industrial Miele appliances.

Sosa bought the two-story home three years ago for $7.6 million, or about $1,044 per square foot. But sources told The Real Deal that he never really used the home more than a handful of times, so he decided to sell – quickly.

Stuart Drossner of Drossner Realty, a boutique brokerage based out of Aventura, confirmed to TRD that the sale closed Thursday. He said he and Alexander Goldstein of Miles Goldstein Real Estate co-brokered the sale but declined to comment further. The deal has yet to clear county records.

The purchase price breaks down to $1,258 per square foot, an appreciation of about 20.5 percent over only three years, which means Sosa hit this one out of the park.

Sosa isn’t the only professional athlete to dabble in South Florida real estate. Earlier this month, retired Miami Dolphins player Jason Taylor put his Weston mansion on the market for $4.15 million. A number of NFL players like Asante Samuel live in Southwest Ranches, a luxury enclave in Broward County. And early last year, basketball star Kevin Durant of the Oklahoma City Thunder sold his lush penthouse at 900 Biscayne in Miami for $3.15 million.

Source:: The Real Deal

The Wrap: Miami Heat’s Dwayne Wade and Gabrielle Union to lead show about flipping homes, MIA’s dilapidated central terminal won’t be fully demolished until 2036…and more

Miami Heat player Dwayne Wade (Credit: Keith Allison)

1. Miami Heat’s Dwayne Wade and Gabrielle Union to lead home flipping show [IndieWire]
2. MIA’s dilapidated central terminal won’t be fully demolished until 2036 [The Next Miami]
3. Miami Heat’s Luol Deng lists Chicago-area mansion for $2.5 million [Sun Sentinel]
4. Elysee begins contract conversions in Edgewater [Curbed Miami]

Sean Stewart-Muniz

Source:: The Real Deal

Ritz-Carlton Residences, Miami Beach prices four condos in loonies for Canadians

Rendering of Ritz-Carlton Residences, Miami Beach

Here’s a loonie idea: The Ritz-Carlton Residences, Miami Beach is pricing four condos in Canadian — rather than U.S. — dollars for one night, hoping to lure buyers with a 23 percent discount.

Ophir Sternberg, founding partner and CEO of developer Lionheart Capital, told the The Real Deal that he is hosting a party Wednesday night at the Ritz-Carlton Toronto to sell the units. Sternberg is in Toronto for TRD‘s first U.S. Real Estate Showcase & Forum.

The two- and three-bedroom condos are normally priced from $2 million to $3 million or $900 to $1,200 per square foot, he said.

Ophir Sternberg

Ophir Sternberg

Launched in 2014, the Ritz-Carlton Residences, Miami Beach, is currently more than 65 percent sold, Sternberg said. The project has already attracted several Canadian buyers, but it has become harder for them to buy as their currency has weakened, he said. The currency is currently trading at 77 cents to the U.S. dollar.

So Sternberg figured he’d offer the four units for one night only in Canadian dollars and create a buzz. Shortly before the event, Sternberg said he had already received 300 RSVPs and had to switch to a larger venue to accommodate the crowd. Some prospective buyers had already asked him how many units they can buy, he said.

“We hope it will bring a lot more buyers,” Sternberg told TRD. He expects to leave Canada with some signed letters of intent, and then meet with the prospective buyers in Miami Beach, where they can tour the development’s sales gallery at 4701 North Meridian Avenue.

The Ritz-Carlton Residences, Miami Beach, on seven acres on Surprise Lake, on the site of the former Miami Heart Institute, was designed by Italian architect Piero Lissoni. When completed, the luxury development will have 111 residences and 15 stand-alone villas, priced from $2 million to $40 million. The project is currently under construction, with completion expected in the first quarter of 2017.

Source:: The Real Deal

Rubell, Simkins finance their Miami Beach manse with $6.7M loan

510 Lakeview Court

Jason Rubell and Michelle Simkins, a South Florida power couple known for their ties to art and real estate, just financed their newly built waterfront mansion on Miami Beach with a $6.73 million loan.

The loan was issued by Bank of America, county records show. It covers the home at 510 Lakeview Court on the Flamingo Waterway between Lake Surprise and the Intracoastal in Mid-Beach. Developer Todd Glaser, who has had a hand in developing many of the contemporary mansions that now populate some of Miami Beach’s ritziest neighborhoods, was the builder.

Rubell and Simkins’ home is a two-story residence with six bedrooms, five bathrooms, two half-baths. It occupies most of the three-quarter-acre lot it sits on, with the extra space going to a waterfront pool and private tennis court.

Planned by Domo Architecture + Design, the home has an angular shape that runs parallel to the lot lines, unlike the neighboring properties.

Rubell has owned the property since 1998, when he paid $800,000 for what was then a mid-century home. In late 2014, he and Simkins razed the existing home and began construction of the new mansion in the beginning of 2015, county records show.

The Rubell family is known for its extensive art collection, which is reportedly one of the largest private contemporary art assemblages in existence. Jason Rubell is also involved in Rubell Hotels, which owns the Albion Hotel in Miami Beach.

His wife Michelle is the daughter of Leon Simkins, CEO of Simkins Industries, a paper products company headquartered in Miami Beach.

A company tied to Rubell bought a warehouse in Allapattah for $8.4 million two weeks ago. The neighborhood has been eyed by some real estate players as one of Miami-Dade County’s newest hot spots for investment and development.

Source:: The Real Deal

PHOTOS: On the scene at Delray Beach home tour

The Corcoran Group sponsored a home tour of Delray Beach earlier this month.

Corcoran sponsored one of the eight homes on the tour, which benefitted the Achievement Centers for Children and Families. The event took guests into a series of Delray Beach homes and included lunch at the Delray Playhouse.

Agents Gay Bridges, Laura Rodriguez, Susan Long, Jennifer Kilpatrick, Timothy Mandala, Ryan Fulton, Phil Friis, Nolan Pierami, Laurie Dietz, Adrienne Cera, Anne Bennett and John Phanco are all involved in the home tour, according to a press release.

Delray Beach has seen a number of new developments, including hotels and restaurants. Downtown Delray Beach in particular has morphed from blighted slum to night-life hot spot in the last 30 years, but city leaders are still tweaking their formula for success. – Katherine Kallergis and Sean Stewart-Muniz

Source:: The Real Deal

Infinity buys retail condo space at Paramount Bay on Biscayne Boulevard

2063 Biscayne Boulevard in Miami

New York-based Infinity Real Estate just paid $4.85 million for a retail condo space at Paramount Bay on Biscayne Boulevard, as it continues to expand its Miami portfolio, The Real Deal has learned.

In the off-market deal, Infinity bought a 6,794-square-foot ground-floor site at 2063 Biscayne Boulevard in Miami’s Edgewater neighborhood. The current tenant is Visionnaire, a home furnishings store. The price equates to $714 per square foot.

“We felt that the price per pound was very appealing,” Steve Kassin, managing partner of Infinity Real Estate told TRD. “We look at things based on existing cash flow and also on the prospective cash flow if we were to replace the user or upon maturation of the lease.”

Irma Figueroa, director of retail leasing and sales for the Comras Company brokered both sides of the transaction. She also handles leasing for the building and had signed the tenant.

The seller of the retail space is an entity led by Argentine investors, Figueroa said. The group paid $2.35 million for the space in 2013, Miami-Dade property records show.

Edgewater is exploding with new residential projects, including four Paraiso towers, Elysee Miami and Aria on the Bay. The developments, in turn, are boosting the area’s demand for retail space, Figueroa said.

“In Edgewater there are so many residential units going up it makes the retail more valuable, she told TRD.

Infinity, an owner, operator and developer, focuses on properties in East Coast urban markets, including Manhattan, Washington, D.C., Miami and Philadelphia, said David Berg, Infinity’s investment director.

The latest purchase marks Infinity’s second in Edgewater. The company is partnering with Greystone and Alta Developers to develop a new residential rental building at 2500 Biscayne, which is currently under construction. Infinity is currently partners in the overall project, and will eventually own the 13,000 square-foot retail space, Berg told TRD.

Steve Kassin of Infinity Group and the Johnny Rockets building

Steve Kassin of Infinity Group and the Johnny Rockets building

Infinity also purchased the Johnny Rockets building on Ocean Drive in Miami Beach last year for $12.4 million.

In addition, Kassin told TRD that the firm has been involved in private lending for retail real estate owners and developers in Miami’s Wynwood and Midtown areas.

Infinity Real Estate, part of the Infinity Group co-founded by Kassin, is continuing to look for acquisitions in the Miami market, he said. “We’re looking at anything and everything that is retail, multifamily or hospitality-related, and our sweet spot is really the neighborhoods you see us in.”

Source:: The Real Deal