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Sellers Will Take Cryptocurrency For Miami Beach Properties

Developer Scott Robins and his partner, former Miami Beach Mayor Philip Levine, are accepting cryptocurrency for two properties they’re selling on South Beach’s Alton Road corridor.

Robins’ son Jared, founder of Miami Beach-based brokerage InHouse Commercial, said he’s partnering with FTX, a cryptocurrency exchange based in the Bahamas that purchased the naming rights of the former AmericanAirlines Arena in March and has an office in Brickell.

One of the properties for sale is the two-story Royal Media building and the adjacent one-story Reebok CrossFit Miami Beach studio.

The partners are seeking $25 million for the 23,810-square-foot Royal Media building, which was constructed at 960 Alton Road in 1975, and the 7,500-square-foot Reebok CrossFit studio, built at 930 Alton Road in 1948. Media Holdings Ltd. paid $1.6 million for 960 Alton Road in April 1996, and Media Holdings 930 LLC paid $1.42 million for 930 Alton Road in June 2010.

Since the Miami Beach City Commission increased the height limit to 75 feet, the property has development rights for a new 46,965-square-foot building, according to a brochure produced by InHouse Commercial.

The partners are asking $19 million for a three-story, Arquitectonica-designed retail complex built in 2014 at 1000 17th St. 17th St. Partners LLC bought the 8,000-square-foot lot the building stands on for $1.47 million in June 2007.

Jared Robins said the building is 81% leased, and the asking rent is $80 a square foot.

Cryptocurrencies, including Bitcoin, tend to swing widely in value. But Jared Robins said FTX’s ability to instantly exchange crypto into cash “really de-risks that whole aspect of it.”

 

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Iconic New York Eatery Joe’s Pizza To Open First Miami Location In Wynwood

DWNTWN Realty Advisors Co-Founder and Managing Partner Tony Arellano and Executive Joe Fernandez are curating one of Wynwood’s signature buildings with a compelling mix of tenants. In the latest example, the brokers represented Wynwood 25’s owners in a long-term lease with New York staple Joe’s Pizza.

Joe’s Pizza, the family owned and operated “Greenwich Village institution” since 1975, is set to open its first Miami location at Wynwood 25. The 1,758-square-foot eatery is scheduled to debut in spring 2022. It joins the award-winning Japanese restaurant Uchi Miami, Danny Meyer-backed Salt & Straw, Bartaco and Dogfish Head Miami as notable Wynwood 25 food-and-beverage tenants.

Wynwood 25 has 289 apartment units and about 30,000 square feet of retail and restaurant space.

“We are thrilled to play a pivotal role in Wynwood becoming one of Miami’s top food-and-beverage submarkets, in terms of both sales metrics and brand recognition,” Arellano said. “Demand from New York operators like Joe’s Pizza is at historically high levels. Wynwood 25, with its turnkey ground-floor restaurant space and proximity to thousands of residents, professionals and visitors, was a perfect option for Joe’s inaugural Miami location.”

Jared Robins, Founder of INHOUSE COMMERCIAL – a Miami-based firm launched in 2021 and focusing on retail leasing in South Florida, and John Ellis, Managing Director of Newmark, represented Joe’s Pizza in the Wynwood 25 lease.

Joe’s Pizza Founder Joe Pozzuoli is originally from Naples, Italy and still owns and operates his flagship New York location at 84 years old. His son, Joe, Jr., and grandchildren Sal and Pino Vitale are part of the ownership and operations team in Miami. Locals and tourists alike flock to Joe’s for an authentic New York street slice.

“After an extensive search, Joe’s Pizza zeroed in on Wynwood for its first foray into Miami,” Fernandez said. “With such a huge following up north, Joe’s will greatly benefit from the New York migration into Wynwood and the substantial pipeline of new office and residential development. The residential component of Wynwood 25 also made the building a particularly attractive option for Joe’s.”

Arellano and fellow Co-Founder and Managing Partner Devlin Marinoff have more than $100 million in pending transactions in Wynwood, and the firm has participated in more than $350 million in investment and development sales in the neighborhood over the last few years.

Over the course of his career, Arellano has completed more than 250 leases in Wynwood and played a pivotal role in the neighborhood’s evolution from an overlooked, largely neglected collection of old industrial buildings into a vibrant hub for arts and culture, retail, restaurants and nightlife.

 

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