Miami Design District retail building sells for $16M

By Brian Bandell – Senior Reporter, South Florida Business Journal

A furniture store in the Miami Design District sold for $15.5 million, or $1,586 per square foot.

The 9,770-square-foot building at 3801 N.E. 2nd Ave. was sold by 3817 NE 2nd Owner LLC, an affiliate of J. Safra Real Estate in New York, to JJ 3801 Realty LLC, managed by Nader Hakakian of New York-based luxury furniture retailer Domus Design Centers. Bank of America granted a five-year, $10.85 million mortgage to the buyer.

The building was recently occupied by furniture retailer Minotti.

It was constructed on the 12,956-square-foot site in 1934, but was updated recently. The property last traded for $10.5 million in 2013.

Real estate values have skyrocketed in the Miami Design District in recent years as luxury retailers have opened in the neighborhood.

Read at SouthFloridaBusinessJournal.com