Fifteen Group sold the 51,806-square-foot office building at 801 W. 41st Street/Arthur Godfrey Road to Igal Haimov for $17.5 million, a drop in value of about 20% from the previous sale price. Haimov owns a Miami Beach jewelry store. Vernon Capital Financing provided the borrower with a $11.5 million mortgage that matures in one year. The price equated to $338 per square foot.

The S. Florida Business Journal reports it last sold for $22 million in 2021 when Terranova Corp. sold its headquarters and relocated to Coral Gables.

The six-story building, which is on a 22,135-square-foot lot, was constructed in 1969. It is a few blocks east of Mount Sinai Medical Center.

On its website, Fifteen Group says it invests selectively in all major real estate asset classes, in real estate-secured debt, and in corporate private equity transactions.

The post Miami Office Building Sells at 20% Loss appeared first on Connect CRE.