Howard Lorber banked $42.5M in 2015

Howard Lorber
From the New York website: It pays to be the boss. Douglas Elliman Chairman Howard Lorber took home a whopping $42.5 million in total pay in 2015, according to regulatory filings.
The payday represents a 40 percent jump from last year’s compensation, which totaled nearly $30 million, according to a March 25 proxy statement filed with the Securities and Exchange Commission by Elliman’s parent company, Vector Group Ltd., of which Lorber is president and CEO. (Lorber earned $9.4 million in 2013.)
The eye-popping numbers also came with a new, seven-year agreement for Lorber to remain in his position at Vector. As part of that deal, inked in November 2015, he was awarded 1.2 million shares of restricted stock.
“I love what I do,” said Lorber, 67, who owns an apartment at the Sherry-Netherland and is set to close on a pad at 432 Park Avenue. He told The Real Deal he has no intention of retiring, even though he’s eligible to do so. “I’m happy that I did a deal and I’m here for at least seven years – hopefully longer.”
Lorber’s compensation far surpasses that of his peers.
Richard Smith, the CEO of Realogy Holdings – parent to Elliman rival the Corcoran Group – took home $9.1 million in 2015. And Vornado CEO Steve Roth took home $10.85 million in 2015.
In Lorber’s case, the big increase in 2015 came in the form of stock awards. This past November, Vector awarded Lorber $30 million in company stock.
His total pay includes a base salary of $3.1 million, which is subject to annual increases, as well as certain perks. They include use of a company car and driver, membership at two clubs, nearly $300,000 for use of Vector’s corporate plane and a $90,000 allowance for lodging and expenses.
Douglas Elliman had a banner year in 2015. The brokerage pulled in $637 million in revenue, a 17 percent year-over-year increase from 2014. The company closed sales of $22.4 billion in 2015, compared with $18.2 billion in 2014.
According to the proxy filing, Lorber holds a 5.9 percent stake in Vector. He holds 7.45 million shares of company stock, valued at $170.6 million based on a closing price of $22.90 per share on March 30.
Vector is not Lorber’s only source of income. He sits on the board of Nathan’s Famous Inc., and pocketed $616,000 in 2015 for his role as executive chairman of the board of the hot dog company, according to regulatory filings. He is also a director of the Morgans Hotel Group Co.

Source: The Real Deal Miami

JSRE Acquisitions adds to Wynwood portfolio with $5.7M buy

194 Northwest 24th Street in Wynwood
After buying a retail block along Wynwood’s Northwest Second Avenue, New York-based JSRE Acquisitions has acquired an adjacent building for $5.65 million.
County records show the 4,131-square-foot warehouse at 194 Northwest 24th Street traded hands for $1,367 per square foot. Trendy Properties LLC sold the property to 194-196 Wynwood LLC, an entity that ties back to the owner next door.
Eric Gonzalez, co-founder of Central Commercial Real Estate, represented the seller in the off-market deal. Devlin Marinoff, managing director of Whitehall Realty Advisors, and Tony Arellano, executive vice president of Metro 1 Commercial, represented the buyer.
Property records show Trendy Properties bought the 7,137-square-foot plot in 2004 for $182,500 and built the two-story building in 2007. It was on the market for lease only, listings show. The seller, controlled by Enrique Lopez and Irma Martinez, formerly occupied the space as a production studio.
Earlier this month, JSRE paid $35 million to buy three buildings between 23rd and 24th streets along Northwest Second Avenue where tenants include Shinola and Etra Fine Art. Together with this week’s acquisition, JSRE owns 25,489 square feet of buildings and 29,734 square feet of land in Wynwood.
New zoning changes to the artsy neighborhood increased commercial activity in Wynwood.In October, a slate of changes to zoning and land use designations allowing for denser residential developments on roughly 205 acres in Wynwood went into effect.
The firm also owns property at 716-720 Lincoln Road where it spent about $35 million in 2014.

Source: The Real Deal Miami

The Hottest Places to Eat & Drink in Miami

Your guide to Miami’s restaurants.

Artisan The newest hot spot in Key Biscayne perfect for sandwiches or tapas. 658 Crandon Blvd., Key Biscayn…
Source: Ocean Drive

The Wrap: Miami Heat’s Dwayne Wade and Gabrielle Union to lead show about flipping homes, MIA’s dilapidated central terminal won’t be fully demolished until 2036…and more

Miami Heat player Dwayne Wade (Credit: Keith Allison)
1. Miami Heat’s Dwayne Wade and Gabrielle Union to lead home flipping show [IndieWire]
2. MIA’s dilapidated central terminal won’t be fully demolished until 2036 [The Next Miami]
3. Miami Heat’s Luol Deng lists Chicago-area mansion for $2.5 million [Sun Sentinel]
4. Elysee begins contract conversions in Edgewater [Curbed Miami]
— Sean Stewart-Muniz

Source: The Real Deal Miami

Ritz-Carlton Residences, Miami Beach prices four condos in loonies for Canadians

Rendering of Ritz-Carlton Residences, Miami Beach
Here’s a loonie idea: The Ritz-Carlton Residences, Miami Beach is pricing four condos in Canadian — rather than U.S. — dollars for one night, hoping to lure buyers with a 23 percent discount.
Ophir Sternberg, founding partner and CEO of developer Lionheart Capital, told the The Real Deal that he is hosting a party Wednesday night at the Ritz-Carlton Toronto to sell the units. Sternberg is in Toronto for TRD‘s first U.S. Real Estate Showcase & Forum.
The two- and three-bedroom condos are normally priced from $2 million to $3 million or $900 to $1,200 per square foot, he said.
Ophir Sternberg
Launched in 2014, the Ritz-Carlton Residences, Miami Beach, is currently more than 65 percent sold, Sternberg said. The project has already attracted several Canadian buyers, but it has become harder for them to buy as their currency has weakened, he said. The currency is currently trading at 77 cents to the U.S. dollar.
So Sternberg figured he’d offer the four units for one night only in Canadian dollars and create a buzz. Shortly before the event, Sternberg said he had already received 300 RSVPs and had to switch to a larger venue to accommodate the crowd. Some prospective buyers had already asked him how many units they can buy, he said.
“We hope it will bring a lot more buyers,” Sternberg told TRD. He expects to leave Canada with some signed letters of intent, and then meet with the prospective buyers in Miami Beach, where they can tour the development’s sales gallery at 4701 North Meridian Avenue.
The Ritz-Carlton Residences, Miami Beach, on seven acres on Surprise Lake, on the site of the former Miami Heart Institute, was designed by Italian architect Piero Lissoni. When completed, the luxury development will have 111 residences and 15 stand-alone villas, priced from $2 million to $40 million. The project is currently under construction, with completion expected in the first quarter of 2017.

Source: The Real Deal Miami

Rubell, Simkins finance their Miami Beach manse with $6.7M loan

510 Lakeview Court
Jason Rubell and Michelle Simkins, a South Florida power couple known for their ties to art and real estate, just financed their newly built waterfront mansion on Miami Beach with a $6.73 million loan.
The loan was issued by Bank of America, county records show. It covers the home at 510 Lakeview Court on the Flamingo Waterway between Lake Surprise and the Intracoastal in Mid-Beach. Developer Todd Glaser, who has had a hand in developing many of the contemporary mansions that now populate some of Miami Beach’s ritziest neighborhoods, was the builder.
Rubell and Simkins’ home is a two-story residence with six bedrooms, five bathrooms, two half-baths. It occupies most of the three-quarter-acre lot it sits on, with the extra space going to a waterfront pool and private tennis court.
Planned by Domo Architecture + Design, the home has an angular shape that runs parallel to the lot lines, unlike the neighboring properties.
Rubell has owned the property since 1998, when he paid $800,000 for what was then a mid-century home. In late 2014, he and Simkins razed the existing home and began construction of the new mansion in the beginning of 2015, county records show.
The Rubell family is known for its extensive art collection, which is reportedly one of the largest private contemporary art assemblages in existence. Jason Rubell is also involved in Rubell Hotels, which owns the Albion Hotel in Miami Beach.
His wife Michelle is the daughter of Leon Simkins, CEO of Simkins Industries, a paper products company headquartered in Miami Beach.
A company tied to Rubell bought a warehouse in Allapattah for $8.4 million two weeks ago. The neighborhood has been eyed by some real estate players as one of Miami-Dade County’s newest hot spots for investment and development.

Source: The Real Deal Miami

PHOTOS: On the scene at Delray Beach home tour

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The Corcoran Group sponsored a home tour of Delray Beach earlier this month.
Corcoran sponsored one of the eight homes on the tour, which benefitted the Achievement Centers for Children and Families. The event took guests into a series of Delray Beach homes and included lunch at the Delray Playhouse.
Agents Gay Bridges, Laura Rodriguez, Susan Long, Jennifer Kilpatrick, Timothy Mandala, Ryan Fulton, Phil Friis, Nolan Pierami, Laurie Dietz, Adrienne Cera, Anne Bennett and John Phanco are all involved in the home tour, according to a press release.
Delray Beach has seen a number of new developments, including hotels and restaurants. Downtown Delray Beach in particular has morphed from blighted slum to night-life hot spot in the last 30 years, but city leaders are still tweaking their formula for success. – Katherine Kallergis and Sean Stewart-Muniz

Source: The Real Deal Miami

Infinity buys retail condo space at Paramount Bay on Biscayne Boulevard

2063 Biscayne Boulevard in Miami
New York-based Infinity Real Estate just paid $4.85 million for a retail condo space at Paramount Bay on Biscayne Boulevard, as it continues to expand its Miami portfolio, The Real Deal has learned.
In the off-market deal, Infinity bought a 6,794-square-foot ground-floor site at 2063 Biscayne Boulevard in Miami’s Edgewater neighborhood. The current tenant is Visionnaire, a home furnishings store. The price equates to $714 per square foot.
“We felt that the price per pound was very appealing,” Steve Kassin, managing partner of Infinity Real Estate told TRD. “We look at things based on existing cash flow and also on the prospective cash flow if we were to replace the user or upon maturation of  the lease.” 
Irma Figueroa, director of retail leasing and sales for the Comras Company brokered both sides of the transaction. She also handles leasing for the building and had signed the tenant.
The seller of the retail space is an entity led by Argentine investors, Figueroa said. The group paid $2.35 million for the space in 2013, Miami-Dade property records show.
Edgewater is exploding with new residential projects, including four Paraiso towers, Elysee Miami and Aria on the Bay. The developments, in turn, are boosting the area’s demand for retail space, Figueroa said.
“In Edgewater there are so many residential units going up it makes the retail more valuable, she told TRD.
Infinity, an owner, operator and developer, focuses on properties in East Coast urban markets, including Manhattan, Washington, D.C., Miami and Philadelphia, said David Berg, Infinity’s investment director.
The latest purchase marks Infinity’s second in Edgewater. The company is partnering with Greystone and Alta Developers to develop a new residential rental building at 2500 Biscayne, which is currently under construction. Infinity is currently partners in the overall project, and will eventually own the 13,000 square-foot retail space, Berg told TRD. 
Steve Kassin of Infinity Group and the Johnny Rockets building
Infinity also purchased the Johnny Rockets building on Ocean Drive in Miami Beach last year for $12.4 million.
In addition, Kassin told TRD that the firm has been involved in private lending for retail real estate owners and developers in Miami’s Wynwood and Midtown areas.
Infinity Real Estate, part of the Infinity Group co-founded by Kassin, is continuing to look for acquisitions in the Miami market, he said. “We’re looking at anything and everything that is retail, multifamily or hospitality-related, and our sweet spot is really the neighborhoods you see us in.”

Source: The Real Deal Miami

400 Sunny Isles project tops $200M in new condo sales

400 Sunny Isles rendering
Amid a growing supply of condos available for purchase on the Miami-Dade County barrier island, the new 400 Sunny Isles complex fronting the Intracoastal Waterway has sold off 96 percent of the total units to generate more than $200 million in recorded transactions as of Tuesday.
Developer sales in the 400 Sunny Isles Condominium project featuring a pair of 21-story buildings — known as the East and West towers — with a combined 230 units, with more than 375,000 square feet of salable “unit area” space in Sunny Isles Beach, began to be recorded on Dec. 8, according to Miami-Dade County records.
To date, at least 221 units in the 400 Sunny Isles project — developed by a Delaware corporation led by Inigo Ardid — have traded for a combined $206 million, which works out to a price of more than $930,000 each for an average of about $570 per square foot of “unit area” as of Tuesday, according to government records.
The project’s East tower has sold 129 units out of 133 total units for nearly $114 million  — or $882,000 each — for an average of less than $560 per square foot of “unit area.” The West tower has sold 92 units out of 97 units for more than $92 million — or $1 million each — for an average of nearly $590 per square foot of “unit area,” according to government records.
Individual units in the 400 Sunny Isles complex have transacted at prices ranging from less than $550,000 to more than $2.8 million each. On a price per square foot basis for “unit area,” individual condos have traded from as little as $421 to as much as nearly $1,000, according to government records.
Currently, 82 units in the 400 Sunny Isles project are listed for sale at a price of more than $1.4 million each, for an average of more than $660 per square foot as of Wednesday, according to data from the Southeast Florida MLXchange.
No condo units in the 400 Sunny Isles project have been resold or are currently under contract on the MLS, according to the data.
Sunny Isles Beach — a popular seaside destination for international and domestic buyers alike — is the fourth most active market east of I-95 in South Florida, based on more than 3,165 total units announced during this cycle that began in 2011.
The only South Florida markets with a greater number of condos announced during this cycle are Greater Downtown Miami with at least 22,850 units, the Hollywood-Hallandale Beach area with more than 4,800 units and the Downtown Fort Lauderdale and Beach market with more than 3,350 units as of Monday, according to the preconstruction condo projects website (For disclosure, my firm operates the website.)
It is worth noting that the Aventura market on the mainland across the Intracoastal Waterway, to the west of Sunny Isles Beach, is the fifth most active market with 21 new condo buildings and more than 3,000 units announced during this cycle.
Currently, five new condo buildings with 436 units have been constructed in the Sunny Isles Beach market. An additional six buildings with nearly 1,025 units are currently under construction, according to
Combined, the number of new units completed and under construction represents about 46 percent of the total pipeline of new condos slated for development during this cycle in Sunny Isles Beach.
At least 15 new condo buildings with more than 1,700 units — some 54 percent of the total pipeline announced — are currently in the planning or presale phase of development in the Sunny Isles Beach market, according to the data.  
Aside from the new condo pipeline, the Sunny Isles Beach market currently has more than 1,335 units being marketed for purchase at an average asking price of $1.4 million each or nearly $655 per square foot, according to the Southeast Florida MLXchange.
In 2015, buyers acquired nearly 775 condo units at an average price of about $738,750 or more than $440 per square foot.
Based on the 2015 resale transaction pace of 65 units monthly, Sunny Isles Beach currently has more than 20 months of supply of condos available for purchase, according to the data.
A balanced market is considered to have about a six-month supply of units available for purchase. More months of condo units available for purchase suggests a buyer’s advantage, and less months indicates a seller’s advantage in negotiating transactions.
Overall, South Florida developers have already completed 59 new condo buildings with more than 4,350 units east of I-95 in the tri-county South Florida region of Miami-Dade, Broward and Palm Beach. An additional 132 new condo buildings with more than 14,225 units are currently under construction in South Florida.
A combined 233 new condo buildings with nearly 31,650 units — about 63 percent of the total tricounty pipeline — are currently in the planning or presale phase of development in South Florida.
The unanswered question going forward is whether the buyer pool on the barrier island is deep enough to absorb all of the Sunny Isles Beach condo units that are available for purchase at this stage of the current South Florida real estate cycle.   
Peter Zalewski is a real estate columnist for The Real Deal who founded Condo Vultures LLC, a consultancy and publishing company, as well as Condo Vultures Realty LLC and CVR Realty brokerages and the Condo Ratings Agency, an analytics firm. The Condo Ratings Agency operates, a preconstruction condo projects website, in conjunction with the Miami Association of Realtors.

Source: The Real Deal Miami

Missoni to brand OKO Group’s planned Edgewater tower

View from Missoni Baia and developer Vladislav Doronin
Italian fashion house Missoni will brand OKO Group’s latest venture, a 649-foot luxury condominium in Edgewater.
Missoni illustration by Olimpia Zagnoli (Click to enlarge)
Missoni Baia, at 700 Northeast 26th Terrace, will be the first residential development for the high-end fashion company. Missoni’s home collection and signature design palettes will be used throughout the building’s public spaces and amenities. Asymptote Architecture and Revuelta Architecture will design the 146-unit building along with landscaping by Swiss architect Enzo Enea and interiors by Paris Forino Design, a spokesperson for the developer told The Real Deal.
OKO is led by founder, chairman and CEO Vladislav Doronin.
Residences will have anywhere from two to four bedrooms, each with private terraces overlooking Biscayne Bay and two parking spaces. Amenities will include a flow-through deck with cabanas, an Olympic-sized lap pool, hot and cold plunge pools, a children’s pool and tennis courts. Residents will also have access to an infinity-edge pool on the development’s bayfront terrace, a gym, saunas and spa treatment rooms.
Cervera Real Estate, the project’s exclusive sales and marketing firm, will launch sales this spring. Cervera has led sales for a number of Edgewater projects, including Elysee, Aria on the Bay and Biscayne Beach. Prices for the units at Missoni Baia have not yet been released, according to the spokesperson.
Property records show an OKO Group affiliate paid a combined $42 million in 2014 for the 2.8 acres of waterfront land with about 200 feet of bay frontage. At the time of the sale, the land included a 12-story apartment building built in 1982.
Enzo Enea will incorporate tropical plants and reflecting pools into the development’s landscaping.
OKO recently opened an office in Miami’s Design District. Back in October, a division of OKO paid nearly $48 million to buy out a condo building at the south end of Brickell with plans to build a 48-story luxury condo tower.
Doronin is chairman of the Russia-based Capital Group, as well as owner and chairman of Aman, a luxury resort brand. He is also active in New York City.

Source: The Real Deal Miami