THE REAL DEAL 3.24.15
Amid surging interest in Wynwood, a group of New Yorkers has bought another commercial property in the burgeoning Miami neighborhood, The Real Deal has learned.
Jameson Realty Group and Yellow Side Ventures paid $3.05 million for 151 Northwest 24th Street. Jameson is owned by brothers Joe Serure and Richard Serure, who own property in New York’s Meatpacking District. Yellow Side is owned by Jon Krasner, Chaim Cahane and Dan Arev.
The 14,500 square-foot property has a 6,500 square-foot building, housing the art gallery Emerson Dorsche.
The seller is B. A. D. Holdings, affiliated with the owners of the gallery, Brook A. Dorsch and Tyler Emerson-Dorsch. B. A. D. Holdings bought the property in January 2000 for $120,000, according to Miami-Dade property records.
The contemporary art gallery was founded by Brook Dorsch as Dorsch Gallery, and changed its name after art historian and curator Tyler Emerson-Dorsch joined as partner, according to the gallery’s website. The gallery will close this summer and plans to continue to operate at another location, gallery associate Misael Soto told TRD.
The New York-based owners, who have also bought other properties in Wynwood, have plans to renovate the building.
“We’re going to reposition the building, and we’re in talks with a tenant that wants to brand the entire building as their flagship location for Miami,” Arev told TRD, declining to name the prospective tenant.
“What we like about it is it’s right off of Northwest Second Avenue, between Northwest Second and North Miami Avenue, and it has beautiful landscaping, so it is like a little oasis within Wynwood,” Arev said. “We believe there is going to be a lot of activity east of Second Avenue, like Wynwood Arcade and the former Oggetti building.”
In late January, a joint venture between Yellow Side Ventures and East End Capital, of New York, paid $11 million for an entire block on the west side of North Miami Avenue, between 24th Street and 25th Street.