New York Investors seek Investment Opportunities on South BeachJuly 2, 2015
Erica Birnbaum, a New York developer, has decided to invest approximately $32.75 million for the construction of a full block of Washington Avenue on Miami’s luxurious South Beach. This will be a great addition to all the opportunities existing for Miami Beach Luxury Real Estate.
The mentioned acquisition is not the only expenditure Eric Birnbaum has done. His company, Washington Squared Owner, has invested over the past week in properties from 601 to 683 located in Washington Avenue, which represents an entire block between sixth and the seventh street. Moreover, Birnbaum already invested #3.64 million in July for 5,692-square-foot building on a 3,250-square-foot lot at 637 Washington Ave.
Along with the investments, an Affiliate of Apollo Commercial Real Estate Finance called ACREFI Holdings gave Birnbaum a $45 million mortgagee for his Miami Beach Properties. Since the amount of the loan exceeds the purchase amount for the properties, it is no doubt there could be development plans in the near future.
Currently, there are pending zoning application on Miami Beach, to improve the extraordinary Washington Avenue from Fifth Street to the luxurious Lincoln Road. Lastly, Zyscovich Architects are developing plans to revamp bike paths, sidewalks and a trolley. The reconstruction will lead the path to the reuse of buildings as well as eliminating the expensive parking fees for small offices and hotels around the area.
This update is brought to you by the expert on the Miami Beach Homes, Matt Crane. To learn about living opportunities in Miami call him at (305) 203-0000 or email him at email@example.com .