226 Lincoln Road Sells at Auction

Lincoln Road

Susan Askew
Susan Askew

226 Lincoln Road Sells at Auction:

Property had been in foreclosure for past year

The auction sale of the three-story commercial building at 226 Lincoln Road in Miami Beach recently closed for $5.775M. The 7,762 sq. ft. building sold by Herbert Z. Bookstein is described as a “generational asset” in the auction listing. The buyer is Lincoln Realty, LLC, a Los Angeles-based group. The building which was constructed in 1947 consists of two ground floor retail spaces (currently vacant), a 3,676 sq. ft. space on the second floor and a 686 sq. ft. space on the third floor.

“The Property presents an investor the perfect opportunity to acquire a South Beach asset at a significant discount and tap into a dynamic trade area with various leasing and redevelopment opportunities,” according to the notice of the May 5 auction.

Last July, AF-BSP Lincoln Funding, LLC and Professional Bank filed suit to foreclose on 226 and 298 Lincoln, both owned by Bookstein. After five extension agreements, the legal filing says Bookstein defaulted on the mortgage by failing to repay monies due on the April 17, 2020 maturity date. The foreclosure suit sought repayment of $8.978M in principal plus interest and real estate taxes owed, for a total estimated claim of $9.785M.

On July 27, 2021, the complaint was amended to reflect the sale of 226 Lincoln. The 298 Lincoln property, also vacant, was offered as an option to purchase with 226 or separately. With the sale of the 226 building, 298 Lincoln is now being offered on its own.

CBRE’s Adam Sklaver, Philip Kates, and Kylie Hynes along with Arden Karson of Karson & Co. represented Bookstein in the sale of 226 Lincoln.

“The property garnered significant interest because of its premier location on Lincoln Road and because it’s very rare to see an asset in this type of location come up for auction,” said Sklaver in an announcement of the sale. “We received 33 unique bids and had 15 fully registered bidders and were able to move from list to close in less than 120 days.”

CBRE and Karson & Co. are also marketing 298 Lincoln Road.

The property sandwiched in between – 230 Lincoln Road, built in 2017 and anchored by Ross Dress For Less – is up for auction August 9-11. The 51,493 sq. ft. building is owned by Camford Corp led by Simon Karam and Carib Mall Associates led by Salomon Terner. According to the listing, the four-story 51,493 sq. ft. building is 59% leased. Ross has 6+ years remaining on its initial lease term with four additional 5-year options. The first-floor retail space is currently vacant along with the fourth-floor rooftop which is “built for a restaurant” with approximately 9,358 sq. ft. of indoor seating space and an additional approximately 6,000 sq. ft. of outdoor seating space “with amazing views of both Lincoln Road and Collins Avenue,” according to the listing. Starting bid is $12.5M. CBRE and Karson & Co. are also marketing this property in partnership with RealINSIGHT Marketplace.


Photo above and below: 226 Lincoln on left, 230 Lincoln anchored by Ross Dress for Less, 298 Lincoln on right. Courtesy CBRE/Karson & Co.
 

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