Goldberg & Farb Procure Buyer For Design District Land

Written by on 02.10.12 in Done Deals, Land - No comments

Marc Goldberg and Bobby Farb represented the Seller, Melaleuca Park, LLC for the sale of 13,125 SF of vacant land located in the Design District at 53-61 NE 41st St., Miami, FL 33137. Marc and Bobby procured the Buyer, Cymbal Development who paid $1,000,000 or approximately $76 per square foot for the land.

Cymbal Development was given a long contract period to allow for getting increases to the density, which was greatly reduced with the passage of Miami 21. The passage of Miami 21 discouraged the seller from continuing with the project after the recession had already reduced the value of the property. The buyer was able to secure this property for what today might be considered slightly below market cost because the contract was signed before the significant increase in values seen since the start of 2011.

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