Chariff Realty Group Closes a Record Breaking Sale at Over $2,100 Per Square Foot in Miami’s Design District

Miami, FL, April 22, 2013 --(PR.com)-- Chariff Realty Group has facilitated the sale of the building located at 101 NE 40th Street in the Miami Design District. The purchase price of $10.5 Million which represents the highest price ever paid per sq ft. in The Design District.

The property according to the Miami-Dade County property appraisers website is shown as a 4,958 Sq. Ft building that sits on a corner 5,000 sq. ft lot. Records show the 2012 tax assessed value at $1,540,000. The last prior sale was in December, 2007 for $2,1000,000 or $423.00 per sq. ft. The current transaction was at $10,500,000, made by 101 Miami DD Blue LLC—a Delaware company, and the seller was 10140 Design LLC,.

"The purchase price of over $2117 per square foot is a genuine game-changer for The Miami Design District,” says Lyle Chariff, president of Chariff Realty Group.

This latest transaction is one of a series of high-profile property deals involving Chariff Realty Group. According to its president, the recent openings of stores in the Design District like Louis Vutton, Hermes, Dior, Prada and Cartier has led an upward trend in the Miami Design District real estate prices over recent business quarters.

“Much of the new interest is coming from top real estate names in Manhattan—the ones behind the success of New York City’s Madison Avenue, SoHo and Meat Packing District,” he says. “These are sophisticated buyers with a proven ability to discern trends in commercial real estate that are looking to secure locations that are starting to bring in rents as high a $200 per sq foot and rising. There is limited space, and there are many other luxury brands looking for locations to have a presence in the Miami Design District.”

For information on Chariff Realty Group or its current listings, visit them at Chariff.com or phone (305) 576-7474.