New York real estate investor Steve Samuels acquired an industrial/office building along Interstate 95 in Hollywood and will make a significant investment in renovations.
The property was previously envisioned as a trampoline park called Off the Wall, but the seller recognized the opportunity to make a considerable profit by selling the property, said Ted Konigsberg of Infinity Commercial Real Estate, which represented seller OTW II LLC. The company is led by Samuel Eyal Yecutieli and Ervin Andrei Mendel.
The 55,221-square-foot building, at 2850 Greene St., was acquired by Avid Asset Properties Hollywood, managed by Samuels, for $7.35 million. It last traded for $5 million in 2016.
Jeff Cebula and Spencer Grossman of NAI Merin Hunter Codman represented the buyer.
Konigsberg said Samuels will spend over $1 million reconfiguring the building to appeal to a broader array of tenants, such as designers, showrooms and professional firms. The two-story building is half showroom and half office space.
This area of Hollywood has attracted many design firms, some of which left the Design Center of the Americas, Konigsberg said.
“I am very excited about the potential of this iconic building,” Samuels said. “Working with the city of Hollywood, we will be reconfiguring the entire site. It’s our intention to bring a new and innovative concept to the area.”
Samuels has previously redeveloped industrial buildings in Manhattan and Brooklyn.
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