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Wynwood assemblage owners drop price, pick up Metro 1

Wynwood assemblage owners drop price, pick up Metro 1
Property could house new development of up to 62 residential units
February 26, 2016 04:30PM

The Wynwood assemblage made up of two parcels

The owners of a Wynwood property assemblage have dropped the price of their properties by $5.5 million and switched brokerages from Marcus & Millichap to Metro 1.
Now asking $22.5 million, the assemblage includes two side-by-side parcels at 201 Northwest 21st Street and 210 Northwest 22nd Street. One parcel houses a 1940s-era warehouse with 26,764 square feet of space, while the other is a 13,000-square-foot vacant lot being used as a parking lot.
Together, they make up 48,476 square feet of prime development turf along Northwest Second Avenue down the block from Moishe Mana’s massive Mana Wynwood entertainment complex.
They’re owned by investor Remy Jacobson, who’s the principal of J Cube Development. He listed both properties for sale with commercial brokerage Marcus & Millichap in October with an asking price of $28 million, as The Real Deal previously reported.
The owner at the time hoped to cash in on Wynwood’s ballooning property values as real estate giants like Thor Equities began snapping up huge chunks of the neighborhood at premium prices.
Only four months later, Jacobson has dropped both his price and his broker. The investor recently signed on Metro 1 to head up marketing for the property.
According to a news release, a potential buyer could potentially turn both properties just under 140,000 square feet of new development. One example would be a five-story building with 62 residential units, which is almost six times more dense than the recently completed 250 Wynwood condo project that sold out last year. — Sean Stewart-Muniz

Source: The Real Deal

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