$5K Per Square Foot? Believe It.

A Lincoln Road retail building traded for $34.5 million, or $4,969 per square foot.
New York-based JSRE Acquisitions acquired the 716-720 Lincoln Road property on Wednesday, exactly one week after Britto’s 818 Lincoln Road gallery was purchased by a Montreal-based company.
JSRE picked up the 6,943-square-foot building through a company called 718 Lincoln Owner. No financing was recorded.
Thai Investment Group of Miami owned the 1936-built South Beach property for 21 years before selling it to JSRE.
 
Source:  The Real Deal