Wynwood Property Sells for $22M

A 49,000-square-foot lot containing a 26,764-square-foot building has sold to Miami Beach investor Sam Herzberg for $22 million. Wynwood Propco sold the property at 201 N.W. 21st St. and 210 N.W. 22nd St., in Miami’s Wynwood neighborhood.

The seller had acquired the property in October 2014, for $3 million.

According to Tony Cho of Metro 1 Commercial, who helped broker the transaction, the increase in value wasn’t surprising, given the huge interest in Wynwood. New zoning laws allow for a building of close to 140,000 square feet with 62 residential units to be developed.

Tony Arellano with Metro 1 partnered with Cho on the transaction. Jonathan Beloff, of Beloff Law, represented Herzberg.