Ironstate Development Group purchased a property in Wynwood for $15.6 million, marking its first South Florida site.
The Hoboken, New Jersey-based development firm, led by brothers David and Michael Barry, acquired the Art by God assemblage at 60 Northeast 27th Street. The buyer is 26-60 NE 27th Street LLC, according to brokers involved in the deal.
Ironstate’s portfolio includes properties in New Jersey and New York, and the company has been considered a key player in Jersey City’s evolution. It is unclear what the firm’s plans are for the Wynwood site.
Art by God, led by Gene Harris and his family, was in contract to sell the land at 26 Northeast 27th Street, 25 Northeast 26th Street, and 61 Northeast 26th Street since October 2019. The previous buyer, Miami Beach-based Lucky Shepherd, assigned the contract to Ironstate, which acquired the property on Wednesday, according to the brokers.
Lucky Shepherd, led by Christine Menedis and Naveen Trehan, had planned to build a 150-key hotel with 48 rental apartments.
Andy Charry of Metro 1 represented the seller, while Colliers International South Florida brokers Mika Mattingly and Cecilia Estevez represented Lucky Shepherd.
Mattingly called it a “prime example of a Covid-ravished deal” that emerged “triumphantly.” Charry said the pandemic threw a monkey wrench through the original timeline. The closing was initially scheduled for early 2020.
“They had a great property located on a great street, and it became even better because of the proposed Brightline station,” Charry said, referring to the sellers. The family owns the gift shop that offers minerals, fossils and other natural resources.
Developers including the Related Group, Property Markets Group, Kushner Companies, East End Capital and others have flocked to Wynwood in recent years, developing mixed-use, multifamily projects.
Source: The Real Deal