Brickell Office Tower Trades

Jan 22, 2017 No Comments by

Miami-based Ytech International paid $26.5 million for an office tower that’s home to BankUnited in Miami’s financial district.

In addition to the purchase price, the Miami-based developer paid “tens of millions of dollars” to settles claims tied to litigation over the 10-story building at 1428 Brickell Ave., according to a news release.

The deal marks the end of the high-profile lawsuits and threats of foreclosure that plagued the seller, said Ytech founder Yamal Yidios.

The 100,762-square-foot building was sold by the Taplin Co., a family-owned development company that faced claims from neighboring property owner Walter DeFortuna of Fortune International Realty, lender ESJ Capital Partners and New York investor Shahab Karmely.

 

“We quickly realized that with years of history and frustration between the parties, Ytech’s best strategy was to serve as an intermediary, arranging for the purchase from the Taplin family on the one hand and a settlement with DeFortuna on the other,” Yidios said in a release.

Stuart Kapp of Kapp Morrison in Boca Raton represented the buyer.

 

“Transactions like these are not for the faint of heart,” Yidios said. “We had to make strategic business decisions, one after another at a very fast pace as we had to work through buying a mortgage, postponing a foreclosure, settling two litigations and buying the property.”

The 1971-built office tower traded for $263 per square foot. The site is zoned for a mixed-use project of up to 80 stories and 825,000 square feet.

 

Source:  DBR

 

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Industry News, Miami-Dade County Office, NA, Office
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