Chaim Cahane’s Forte Capital Management flipped a property in Wynwood to a Miami Beach couple for 75 percent more than he paid in December, as demand for development sites continues to soar in South Florida.
Alex Kleyner acquired the corner property at 2830 Northwest Fifth Avenue for $11.2 million in an off-market, all cash deal.
The two-story vacant building was built in 1950 and expanded in 1957, and sits on a 17,160-square-foot lot, records show. It’s within walking distance of 545wyn, a new office building developed by Sterling Bay Properties.
Source: The Real Deal