King of Diamonds strip club’s landlord faces foreclosure

August 18, 2017 | Miami Real Estate
King of Diamonds King of Diamonds is in the mix of yet another foreclosure. The landlord of the infamous strip club in Miami, Kodrenyc LLC, was sued for foreclosure by 17800 State Road 9 Lender LLC for allegedly defaulting on a $5.3 million mortgage, according to the South Florida Business Journal. The lender now seeks to take over the 60,622-square-foot strip club building at 17800 State Road 9, and asks that a receiver be appointed over the pro
Read More »

WATCH: This week in real estate numbers

August 18, 2017 | Miami Real Estate
A 1 million sf lease at 1 Manhattan West, 26 L.A. hotels trading hands and a $32 million Brickell development site. In real estate, it's all about the numbers. This past week, The Real Deal reported on Tishman Speyer and Cogswell Realty looking to sell 183 Madison Avenue (which is valued at a whopping $255 million), the amount of poor L.A. households that live in deficient or unaffordable housing and the huge drop in million-dollar mortgage volum
Read More »

China warns that it will not tolerate “irrational” overseas investment

August 18, 2017 | Miami Real Estate
Premier of the People's Republic of China Li Keqiang From TRD New York: Chinese regulators — who've been cracking down on capital outflows for months — have now formalized regulations for overseas investing to protect against “irrational” acquisitions across several industries. Citing “various risks and challenges in overseas investments,” the State Council laid out three categories — banned, restricted and encouraged — for invest
Read More »

Mixed-use building near Miracle Mile in Coral Gables hits market for $15.5M

August 18, 2017 | Miami Real Estate
475 Biltmore Way Inset:Leonard Boord A mixed-use medical building near Miracle Mile in Coral Gables just hit the market for $15.5 million, according to a release. Marcus & Millichap's Institutional Property Advisors is listing the nearly 50,000-square-foot medical office building at 475 Biltmore Way. Douglas K. Mandel and Benjamin Silver are representing the seller, which records show is Slon Capital, a Miami-based private investment group le
Read More »

3 charities just dropped Trump’s Mar-a-Lago for their big fundraisers after Charlottesville

August 18, 2017 | Miami Real Estate
Donald and Melania Trump at an American Red Cross fundraiser at Mar-a-Lago (Credit: Getty Images) Three charities have pulled their fundraising events from President Donald Trump's Mar-a-Lago resort in Palm Beach, Florida, in the wake of his response to a white supremacist rally in Charlottesville Virginia. The Cleveland Clinic, American Cancer Society, and American Friends of Magen David Adom all said they wouldn't hold their 2018 galas at the r
Read More »

Harvey Hernandez sells his Brickell penthouse for $5.3M

August 18, 2017 | Miami Real Estate
Harvey Hernandez and his Jade Brickell penthouse Developer Harvey Hernandez sold his Jade Brickell penthouse for $5.3 million. Hernandez, president and CEO of Newgard Development Group, sold the two-story, 6,000-square-foot unit at 1331 Brickell Bay Drive, according to the agents who arranged the deal. Penthouse 4707 was renovated by Urban Root Associates and features European oak floors, Boffi fixtures, a Poliform kitchen, Lualdi Italian doors,
Read More »

Food manufacturing CEO sells Continuum South Beach condo for $6.3M

August 18, 2017 | Miami Real Estate
Food and beverage titan Giovanni “John” LiDestri just sold his Continuum South Beach unit for $6.3 million, property records show. A trust managed by U.S. Bank bought the three-bedroom, 2,900-square-foot condo. Townhouse 4 sold for about $2,172 per square foot. LiDestri is the CEO of LiDestri Food and Beverage, a large manufacturer of pasta sauces, dips and salsas throughout the United States. Records show he bought the multi-level townhouse
Read More »

Yacht Club at Portofino sues to evict city of Miami Beach over nonpayment for repairs

August 18, 2017 | Miami Real Estate
Yacht Club at Portofino A dispute over nearly $900,000 in building repairs, between the condominium association for the Yacht Club at Portofino and the city of Miami Beach, could prevent city residents and visitors from parking cars and using public restrooms at the 34-story luxury tower. On July 28, Yacht Club's condo association moved to evict the city, the Miami Beach Redevelopment Agency and Miami Beach Marina Associates, the company that op
Read More »

China’s property market dips slightly in July

August 18, 2017 | Miami Real Estate
Beijing (Credit: Nikolaj Potanin via Flickr) From TRD New York: Price gains slowed ever-so-slightly in China's major cities in July amid the government's effort to rein in the housing market. Prices rose in 56 out of 70 cities tracked by the Chinese government last month. But that's a slight drop from June, when 60 out of 70 cities saw prices gains, Bloomberg reported. Regulators have imposed curbs on lending and real estate purchases amid concer
Read More »

California firm pays $5.6M for building in Miami Beach, plans co-working space

August 18, 2017 | Miami Real Estate
820 Arthur Godfrey Road and Michael Simkins A Hollywood, California real estate firm just paid $5.6 million for an office building on 41st Street in Miami Beach where it plans to launch a co-working space. Property records show 820 AGR LLC, a company controlled by investor and developer Michael Simkins, sold the Mid Beach building at 820 Arthur Godfrey Road to Sandhouse MB LLC, an affiliate of RLG Properties, a brokerage and developer led by Rach
Read More »