Miami Design District Building Sells For $1,442 PSF

Another property in the Miami Design District traded at a premium as a company led by Miami Beach investor Sam Herzberg paid $11.4 million for a 7,904-square-foot building, or $1,442 per square foot.

Washington, D.C.-based 3800 NE 2 Ave LLC, headed by ABC Imaging CEO Mehdi Falsafi, sold the two-story building to Herzberg’s 3800 Design District LLC. ABC Imaging was the main tenant in the building.

Properties in the Miami Design District have been trading at lofty prices since Dacra attracted luxury brands to the area, redeveloped buildings and installed eye-catching art pieces.

The building at 3800 N.E. 2nd Ave. was built on the 7,421-square-foot lot in 1926. It last sold for $2.5 million in 2006.

Herzberg has seen the benefit of the Miami Design District’s growth first hand. In 2014, he sold a portfolio in the neighborhood for $45.4 million.

 
Source:  SFBJ
 

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