A Wynwood Warehouse Sells for 663 Percent More Than What It Sold for in 2014
Correction: An earlier version of this story improperly described this building's location. It is not part of a recent rezoning that allows greater heights. We regret the error.
The Wynwood real-estate market certainly isn't settling down anytime soon. Prices just keep going up. In fact, a warehouse that sold for $3 million in 2014 was recently resold for an astounding $22 million.
That's a ridiculous 663 percent gain on an investment that was made a mere 17 months ago.
The property is located at 201 NW 21st St. and 210 NW 22nd St. It's a simple 26,764-square-foot warehouse built in 1941. Clearly, though, the real investment is the 49,000 square feet of land on which it stands.
The site is just south of where Moishe Mana is trying to gain approval to build his Mana Miami district.
According to the South Florida Business Journal, the property was owned by Wynwood Propco, which is managed by Remy Jacobson in Aventura.
The new owner is Miami Beach investor Sam Herzberg, who also owns properties in South Beach and the Design District. The new zoning laws allow for 139,866 square feet of development on the site. Under the rules, 62 residential units could also be built.
Before it was acquired in 2014 by Wynwood Propco, the property had sold for $2 million in 2010. The last time the property traded hands before that was back in 1980. It sold then for $285,000.
Available property on Wynwood's main strip of NW Second Avenue is becoming increasingly hard to come by. The property sits on the southern end of the street, which is less developed than areas a few blocks north. However, it won't remain that way for long, especially if Mana gets his approval.