Controversial NYC Investor Recognizes ‘Raw Potential’ in Downtown Miami Property
The sale marks the first purchase in South Florida for Yair Levy, a New York-based investor and developer who has proactively diversified his portfolio of holdings after a contentious legal battle resulted in a ban from selling residential condominiums and co-ops in New York State in 2011.
MIAMI—New York City investor Yair Levy’s company Time Century Holdings has acquired the Metro Mall site here and plans to renovate the property into a jewelry center.
Levy acquired the property at 1 NE 1st St. in Downtown Miami’s Jewelry District for $14.5 million, according to Colliers International. The Metro Mall site was listed by Mika Mattingly, Gerard Yetming and Linn Ashberg of Colliers International on behalf of seller Metro Mall Limited. The buyer, Time Century Holdings was represented by Wedad Saad Anderson of New Capital Realty.
The sale marks the first purchase in South Florida for Yair Levy, a New York-based investor and developer who has proactively diversified his portfolio of holdings after a contentious legal battle resulted in a ban from selling residential condominiums and co-ops in New York State in 2011, Colliers states.
The brokerage firm reports that Levy’s firm plans to renovate the existing 225,000 square-foot building that sits on the 33,730 square-foot corner lot into a jewelry center. With generous vertical T6-80 zoning under the Miami 21 ordinance, the site is also well-positioned for future development plans by the new buyer.
The property is located within a four-block radius of more than 100 downtown jewelry stores. The neighborhood generated more than $850 million in sales during 2016 alone, according to Colliers.
“The massive interest from competitive bidders and sale of this property reinforces a growing interest in the burgeoning Jewelry District of Miami,” says Colliers’ Mattingly. “Time Century Holdings recognized the raw potential for this property and was excited to leverage the inherent character of the Jewelry District to launch a more modern concept in this neighborhood with parallel, rapid development.”