Commercial Real Estate Roundup

10/07/2011

Wynwood group buys debt on land

 

Abbey Berkowitz, of Wynwood Acquisitions, has bought the debt/foreclosure judgments on six parcels in Miami’s Wynwood neighborhood for about $2.5 million, or about half of the original loans.

The parcels, are at 2600, 2800, 2808, 2814-18, 2826 and 3436–3440 N. Miami Ave. Although it was not made public, real estate sources said the purchase price was about $2.5 million.

BayBridge Real Estate Group Managing Director Adam Greenberg worked with Majestic Properties principal Jeff Morr on behalf of the seller, MUNB, the holding company for some assets originally tied to Mellon United Bank. Greenberg also represented the buyer.

Berkowitz, who paid cash for the properties, has substantial holdings in South Beach and is now shifting focus to the mainland, Greenberg said.

 

For the FULL article from South Florida Business Journal by Oscar Pedro Musibay, please click HERE.

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