The Boymelgreens are looking to sell a 1960s office building in Miami Beach that’s next door to their nearly completed 42 Pine boutique condo project.
The six-story building at 301 Arthur Godfrey Road hit the market with an asking price of $19.9 million, according to an offering memorandum. Alex Zylberglait and Michael Crocchiola with Marcus & Millichap are representing the seller, an entity tied to real estate investor couple Shaya and Sarah Boymelgreen.
Anchored by a Citizens Bank branch, the Mid-Beach property is 96 percent occupied and features a mix of finance, health care and creative tenants, the offering states.
In 2017, the Boymelgreens paid $31 million for the office building, completed in 1963, and an adjacent development site at 340 West 42nd Street where 42 Pine is being built, records show.
Last year, the Boymelgreens obtained a $42.5 million loan to refinance a $12 million loan secured by the office building and a $35.5 million construction loan for the eight-story, 50-unit condo project, according to records. Also last year, the Boymelgreens sold the office building to a separate entity managed by Sarah Boymelgreen for $12 million.
The Boymelgreens did not respond to requests for comment about why they are seeking to sell the office building, a “turnkey investment” with “strong potential for rental growth and upside through strategic lease renewals and suite” renovations, the offering states.
An Israeli-born New York developer, Shaya Boymelgreen and his family expanded into South Florida in the late 2010s after his partnership with diamond billionaire Lev Leviev fell apart. In 2016, Boymelgreen was banned for two years in New York from offering and selling securities, including condos.
In 2023, the Boymelgreens sold a distressed development site in Surfside for $40 million to New York-based Kushner Companies. As part of the deal, Kushner assumed a $30 million loan with Eyal Peretz’ Fuse Group that had matured at the time.
The family had planned to develop a three-story, 200-key hotel on the 2.9-acre site at 9300 Collins Avenue.
