Former club space owner Luis Puig buys property in South Beach
The former Club Space owner paid $ 5.6 million for a multi-family South Beach property that is being converted to short-term rentals as the market warms for vacation stays.
Louis Puig acquired the 24-unit apartment complex at 333 Jefferson Avenue in Fifth South, according to listing broker, Susan Gale of One Sotheby’s International Realty. The property is in the process of being converted into an aparthotel, she said.
Records show that 333 Jefferson Holdings LLC, run by Nathaniel Cohen, Steven Athea and Yonel Fellous, sold both buildings.
Gale and Serena Joaquim of One Sotheby’s represented the seller. Gema Ruiz of Cedano Realty Advisors and Jose Maria de Guzman represented the buyer.
Puig, who sold his North Bay Road mansion in April for $ 17.5 million, plans to complete the renovation and conversion of the property into a boutique 20-unit aparthotel with studios, apartments and suites. ‘one and two bedroom,’ Gale said.
“This is the type of property that everyone is looking for,” she said, adding: “There is a huge amount of cash buyers coming from all over looking for properties like this because it ‘Airbnb has become very popular. “
Nearby in South Beach, a multi-family building sold in December to a buyer who is also considering converting the property into a serviced apartment.
Hotel sales, which largely came to a halt during the pandemic, have picked up in recent months. Fort Partners, the developer of the ultra-luxurious Four Seasons at Surfside Surf Club, recently acquired the Four Seasons Miami hotel in Brickell for around $ 130 million.
Gale said the hotel market was “on fire” and buyers were now waiting for banks to start lending.