A Miami office building located at 801 W. 41st Street/Arthur Godfrey Road has been sold by Fifteen Group to Igal Haimov for $17.5 million, marking a decrease in value of approximately 20% from its previous sale price. Haimov, who owns a jewelry store in Miami Beach, secured the purchase with an $11.5 million mortgage provided by Vernon Capital Financing that will mature within one year.
The selling price translates to $338 per square foot and is significantly lower than the building’s last sale in 2021 when Terranova Corp., its former owner, sold it for $22 million before relocating their headquarters to Coral Gables.
Built in 1969 on a lot spanning over 22,000 square feet, this six-story building is situated just blocks away from Mount Sinai Medical Center. According to their website statement,Fifteen Group strategically invests across various real estate asset classes including real estate-secured debt and corporate private equity transactions.
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