In a story published by the Real Deal, Joseph M. Hernandez, chair of the real estate practice group at Weiss Serota Helfman Cole and Bierman, discussed the East End Capital-Australian investor feud over Miami’s 100 Biscayne tower, which is up for sale.
The tower, located in the heart of Miami’s Central Business District, was purchased in 2016. At the time of the purchase, millions of dollars of improvements were planned for the 56-year-old building. It is currently mired in litigation.
While the internal strife is likely lowering the potential sale price, Joe commented that the seller can’t go too low on the price. “Its loan is based on pre-pandemic valuations for office real estate, and in light of the market now, the seller might not be getting the offers it needs to pay off the outstanding balance,” he explained.