Yair Levy’s involvement in an attempted takeover of downtown Miami’s jewelry district is kaput. Now, Avi Dishi, Elysee Investments and Pan Am Equities are betting that Levy’s gamble of converting a 1920s, nine-story making into a bedazzling crown will spend off.
An affiliate of Levy’s New York-dependent Time Century Holdings marketed the combined-use property at 1 Northeast 1st Road for $27.5 million to Dishi, a New York-centered real estate investor, as well as affiliate marketers of New York-dependent Pan Am and Miami-based mostly Elysee, documents and Vizzda show.
Levy and Dan Deutsch, Time Century’s running director, did not respond to requests for comment.
Elysee owns 56.7 %, Dishi owns 28.3 % and Pan Am owns 15 per cent of Time Century Jewelry Center, a typically renovated retail and business office constructing formerly known as Metro Mall, the deed demonstrates. The consumers also enhanced a former $7.2 million financial loan offered by an entity managed by Dishi and Elysee CEO Haim Yehezkel by one more $20 million.
New York-centered CapMoon Corporations organized the sale with assistance from Stefano Santoro with Disruptive Actual Estate. The joint venture will finish design of Time Jewellery Center with the objective of opening the developing in 6 months, Elysee co-proprietor Erik Yehezkel informed The Genuine Deal.
“Yes, certainly,” Yehezkel explained. “We spoke to the general contractors and almost everything really should start up once again reasonably before long. That is our intention.”
Most of the signed tenants are being on board, and the joint venture is actively advertising and marketing the remaining vacant spaces at Time Century Jewellery Middle, he extra.
In 2018, a Time Century affiliate paid out $14.5 million for the assets, and two decades later introduced a $50 million overhaul of Metro Shopping mall to compete with the Seybold Building, an adjacent house that is household to far more than 300 jewellery retailers and fix outlets. Levy, who is banned for everyday living from promoting condos and co-ops in New York point out, ran into a sequence of setbacks last 12 months.
Contractors alleging non-payment strike Time Century’s affiliate with liens for a mixed $857,600, of which $193,900 was paid. In September, City National Bank of Florida filed a foreclosures lawsuit alleging Time Century defaulted on a $27.2 million development loan issued in 2021.
In addition, a Seybold Developing jeweler and a New York-centered on line handbag retailer that signed leases at Time Century Jewelry Middle individually sued Levy and his firm’s affiliate for breach of contract. The lawsuits allege Levy knowledgeable tenants that he had operate out of funds to finish the renovation venture.
In December, Miami-Dade Circuit Court docket Judge Gina Beovides awarded City National a partial judgment of $31.2 million, which include more charges and fascination. Beovides canceled a courthouse auction set for this thirty day period, just after Town National filed a movement stating the lender was shut to achieving an settlement with Levy and Time Century’s affiliate.
CapMoon was in the approach of buying the defaulted mortgage from City National when the Elysee, Pan Am and Dishi joint enterprise came in “at the 11th hour” with an offer, a source common with the offer told TRD. CapMoon negotiated with Metropolis National to provide the house loan to the Dishi and Yehezkel entity, the resource stated.
Yehezkel confirmed the deal associated buying the City National debt. “We have a potent romance with City National Lender, and we also know Yair from several years ago,” he mentioned. “We set the two alongside one another and we figured it out collectively.”
Dishi and Elysee own the floor-ground and mezzanine commercial areas at the Brickell Flatiron condominium, paying $22.5 million for them in 2019. Last yr, Dishi paid out $20.7 million for Shoppes at Cresthaven, a West Palm Beach front procuring centre.
Pan Am, led by CEO Scott Solomon, last 12 months sold Rail 71, an workplace and service retail business enterprise park in Miami’s Very little River, for $34.4 million.
