Fabio Faerman and Eduardo Citcioglu of FA Commercial / Fortune International Realty effectively managed a 1031 tax deferred exchange for the entire 10th floor in One Flagler office condo, an iconic downtown building. 10,242 sq.ft. is the total size of the 10th floor within the class A downtown building. The exchanged transaction had a value of $3,716,500.
Fabio Faerman, Sales Director and Eduardo Citcioglu, Sales Manager for One Flagler represented the seller, and Anna-Denise Miranda, also with Fortune International Realty, represented the buyer.
The sales team of One Flagler was led by Fabio Faerman during the office condo conversion process. He and his team were able to sell the entire inventory in one year after winning the exclusive sales assignment.
According to Mr. Faerman, “this project was a perfect match for a 1031 exchange. It has what it needs to qualify as an excellent investment, in the epicenter of Downtown Miami, which is under a huge transformation with a lot of private investments. In this case, the purchase value is below replacement cost, which makes a potential upside of the value of the investment. Rented to excellent tenants with long-term leases resulting in a good ROI, and this complies with the key points of a good investment.”
The building, with a total area of 143,00 sq.ft. is sited in the heart of Downtown Miami on 14 NE 1st Ave. Miami, FL 33132, at the intersection of 1st Ave. and Flagler Street. This historic street is going under major renovation works, which are expected to be completed by winter 2017, according to the Miami Downtown Development Authority.
One Flagler stands as a masterpiece of mid-century modern design. Ahead of its time, One Flagler featured Miami’s first curtain wall construction and became an Icon of Mimo architecture. Designed by Morris Lapidus One Flagler exterior façade has been carefully preserved and its 15 floors have been re-imagined and rebuilt to meet the need of today’s fast-paced business world.
For more Information please contact:
Fabio F. Faerman
CCIM • MBA
Broker Assoc. Commercial Division VP
Fortune International Realty
Cell/WhatsApp: +1.786.262.9966 • firstname.lastname@example.org