The Brooklyn-Based LivWrk Acquires Wynwood Assemblage For $38.86 Million — PROFILE Miami
The Brooklyn-based developer LivWrk has made a splash in Wynwood with the acquisition of a 2.45 acre assemblage for $38.86 million. The acquisition was financed with a $28.44 million mortgage provided by the Los Angeles-based Thorofare Asset Based Lending REIT Fund V. LivWrk is led by Asher Abehsera who founded the firm in 2013.
LivWrk acquired a 1.16 acre site from East End Capital where they had planned to develop the Foyer, a mixed us project with residential, office and retail components. LivWrk acquired the site at 2400-2418 N Miami Ave. and 29 NW 24th St. from East End Capital for $18.51 million and in a separate deal East End Capital also sold LivWrk 2500 N Miami Ave. and 33 NW 25th St. for $6.5 million. To complete the assemblage LivWrk also acquired 48 NW 25th St. from 3 CI Holdings for $13.85 million.
East End Capital had acquired the 2400-2418 N Miami Ave. site for $6.25 million in 2015 and the 2500 N Miami Ave. site in 2014 for $4 million. 3 CI Holdings had paid $17 million for the 48 NW 25th St. property.
Miami’s Wynwood Arts District neighborhood has been one of South Florida’s hottest real estate markets. Several big-name companies have made Wynwood their home, such as Spotify, Live Nation and Founders Fund; additionally, new zoning has attracted many multifamily developers. AMLI Residential recently broke ground on AMLI Wynwood, one of the largest mixed-use multifamily developments to ever break ground in Wynwood. A development partnership led by David Edelstein’s TriStar Capital and RAL Development just closed on the final piece of their 72,000 SF Wynwood assemblage where an office campus is planned. A development partnership between L&L Holding Company, CARPE Real Estate Partners, and Fortis Design + Build also recently revealed 29N, a mixed-use project which feature rental apartments, office space, ground floor retail and micro retail. Earlier this summer the Los Angeles-based Black Lion Investment Group acquired the class A retail property Wynwood Arcade from East End Capital for $13.25 million. The Kobi Karp-designed The Gateway at Wynwood class A office building is also nearing delivery and has begun signing leases.
