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New Yorker buys the Palace Bar building on Ocean Drive for $15M


All-in-all, Infinity has invested $125 million into South Florida real estate, according to a spokesperson. “Similar to our other SOBE property at 728 Ocean Drive, our plan for 1200 Ocean Drive is to preserve and enhance the property, including improving ...


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The seller paid only $675,000 for the property in 1986, records show. Built in 1958, the three-story building includes 31 residential apartments and sits on a 7,322-square-foot lotThe Palace is known for its weekend drag shows and brunch. Kassin financed the deal with a $10.68 million mortgage from DB Private Wealth Mortgage. The property isn’t the first in South Florida for InfinityLast year, Infinity bought the Johnny Rockets building at 728 Ocean Drive for $12.4 million, and earlier this year paid nearly $5 million for a retail condo space at Paramount Bay on Biscayne BoulevardAll-in-all, Infinity has invested $125 million into South Florida real estate, according to a spokesperson. “Similar to our other SOBE property at 728 Ocean Drive, our plan for 1200 Ocean Drive is to preserve and enhance the property, including improving the building’s prominence and accessibility,” David Berg, investment director at Infinity Real Estate, said in a statement. Miami Beach Mayor Philip Levine said last week that he plans to propose an ordinance restricting alcohol sales on Ocean DriveWhile the ban would not affect indoor bars and nightclubs, it would effectively shut down large nightclub and restaurants like Mango’s Tropical Café, Wet Willies and the Clevelander after 2 a.m. Tags: Infinity Real Estate, ocean drive Short URL var disqus_url = 'http://therealdeal.com/miami/2016/07/18/new-yorker-buys-the-palace-building-on-ocean-drive-for-15m/'; var disqus_identifier = '209575 http://therealdeal.com/miami/?p=209575'; var disqus_container_id = 'disqus_thread'; var disqus_shortname = 'therealdeal-miami'; var disqus_title = "New Yorker buys the Palace Bar building on Ocean Drive for $15M"; var disqus_config_custom = window.disqus_config; var disqus_config = function () { /* All currently supported events: onReady: fires when everything is ready, onNewComment: fires when a new comment is posted, onIdentify: fires when user is authenticated */ this.language = '; this.callbacks.onReady.push(function () { // sync comments in the background so we don't block the page var script = document.createElement('script'); script.async = true; script.src = '?cf_action=sync_comments&post_id=209575'; var firstScript = document.getElementsByTagName('script')[0]; firstScript.parentNode.insertBefore(script, firstScript); }); if (disqus_config_custom) { disqus_config_custom.call(this); } }; (function() { var dsq = document.createElement('script'); dsq.type = 'text/javascript'; dsq.async = true; dsq.src = '//' + disqus_shortname + '.disqus.com/embed.js'; (document.getElementsByTagName('head')[0] || document.getElementsByTagName('body')[0]).appendChild(dsq); })();

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