1675-19 Raleigh Hotel 574 of 711, 13 Terms
mh ART DECO HOTEL MAY BE RAZED 03/04/1990
THE MIAMI HERALD
Copyright (c) 1990, The Miami Herald
DATE: Sunday, March 4, 1990 EDITION: FINAL
SECTION: NEIGHBORS MB PAGE: 12 LENGTH: 28 lines
SOURCE/CREDIT LINE: AARON S. RUBIN Herald Staff Writer
ART DECO HOTEL MAY BE RAZED
Sands is sold
for $5.6 million
An oceanfront Art Deco hotel in Miami Beach has been sold to a company
that could tear it down to build a large convention center hotel.
The Sands Hotel and an adjacent lot on the 1600 block of Collins Avenue,
owned in part by Miami Beach Commissioner Abe Resnick and his son, James, was
sold Feb. 5 to Driggs Associates, a Maryland company, for $5.6 million.
"I think they intend to put a hotel on the site, if the Art Deco people
will leave them alone, " James Resnick said. "Hopefully, that will be a nice
location for a convention center hotel."
Mike Calhoun, a real estate broker representing Driggs, said the company
will study options for the 100,000-square-foot property before deciding its
future, probably within several months. The Sands hotel, he noted, "is not in
the best of condition."
Owners of the Raleigh Hotel, 1777 Collins Ave. , decided to exercise an
option on their lease and bought the property. After running the hotel for
four years, Asher Zwebman, one of the owners, said his group paid $1.55
million for the 126-room hotel.
KEYWORDS: MB
TAG: 9001160446
408 of 711, 12 Terms
mh BEACH'S SANDS HOTEL SELLS FOR $5.6 MILLION 03/05/1990
THE MIAMI HERALD
Copyright (c) 1990, The Miami Herald
DATE: Monday, March 5, 1990 EDITION: FINAL
SECTION: BUSINESS PAGE: 27BM LENGTH: 109 lines
ILLUSTRATION: photo: SANDS HOTEL
SOURCE/CREDIT LINE: CHARLES KIMBALL Herald Real Estate Analyst
MEMO: REAL ESTATE
BEACH'S SANDS HOTEL SELLS FOR $5.6 MILLION
SANDS Hotel Operating Corp. has sold the Sands Hotel in Miami Beach for
$5.6 million, or $114.98 per square foot, to Sands-New Yorker Ltd.
The price includes the hotel at 1601 Collins Ave. and a lot at 1611
Collins, the site of the former New Yorker Hotel. The land area comes to 2.3
acres.
Raleigh Hotel sold
on Miami Beach
The 126-room Raleigh Hotel, 1777 Collins Ave. , Miami Beach, has been sold
for $1.55 million to Raleigh Joint Venture, whose president is Isaac Shkop.
This price does not include land beneath the structure.
The seller was Hilda Mechanic, who foreclosed the hotel in 1986 from a
firm whose president was Yossi Duchman.
The hotel sold for $1.45 million in 1983.
Community center
gets construction loan
American Savings & Loan Association has advanced $3 million for the
construction of a community center at Northeast 30th Avenue and 205th Street
in Dade County. The developer is Aventura Turnberry Jewish Center Inc. , whose
president is Morton Borisoff.
BROWARD COUNTY