1668-28 Economic, Development, & Real Estate 1943-1993 cut .
R. Jerry Falk'',
,utheast Research .
:atop, said Blockbuster
its inventory of tapes for re,,
by nearly 50 percent over t,
months, greatly boosting its
potential.
On June 30, Blockbuster had
stores in its system, an increase of
stores from a year ago.Blockbuster c
jC1,833, and 1,055 are operated as fr
e chises.
In the first six months of 1992,Block
PLEASE SEE BLOCKBUSTER, 4C
Lincoln Road
iders building is sold
oberto for $28.5 million
By LARRY BIRGER
ii con- Business Monday Editor
In one of the largest real estate trans-
rmily actions on Miami Beach in man
One Hundred Lincoln Road _y years,
a 44-h
il
unit apartment-hotel complex as
changed hands for$28.5 million. has
Crescent Heights Investments,a com-
pany controlled by developers Russell
million Galbut and Sonny Kahn, bought the
month. 17-story building,located where Lincoln
reditors, Road meets the oceanfront.
to reach Since 1988,Crescent and subsidiaries
n Trust have bought and converted a number of
c for the well-known Beach properties into con-
eriFirst dominiums. Among them: the Alexan-
Farm der and Castle-hotels; and the Carriage
ant and Club, Carriage North, Carriage South
proper- and Amethyst, all of which were apart-
ment houses.
The seller of One Hundred Lincoln
kerRoad was Linroad Holdings, a subsid-
iary of Bank of New York, which took
back the building from Miami Beach
developer Tibor Hollo in 1990.
rex will Bruce Menin, Crescent's executive
cement vice president,said the buyers put up$5
)out 29 million in cash and Linroad took back a
'ye into .$23.5 million mortgage.
Menin declined to say what plans the
many new owners have for the property.
who I"Right now, we're looking at a number
ly pure of alternatives," Menin said.
uctron But Menin indicated that future plans
l agely might hinge on what happens to a large
y Y parcel of land directly to the south of
One Hundred Lincoln.