Miami Beach Real Estate: The Greystone Hotel Is The Primest Collins Avenue Frontage Available In South Beach TodayApril 11, 2011
The Greystone, a Henry Hohauser Art Deco landmark, is located in the historic Collins Park neighborhood of South Beach. This PRIME Collins Avenue corner is steps away from South Beach’s luxist ocean front hotels and residences: Setai, W South Beach, Shore Club and Townhouse. Also a hop, skip and a jump to the Miami Beach Convention Center, the New World Center designed by Frank Gehry, Lincoln Road and the city’s most beautiful sandy beaches.
Currently a raw space, plans are available for the Greystone by Shulman + Associates for a ground floor restaurant and retail outlet, roof top lounge and a spa-hotel suite concept. Whether you are a hotelier, restaurateur or retailer, this location offers the ultimate South Beach exposure.
Real estate inventories are falling in Miami Beach and South Beach’s commercial sector is no exception:
The Peter Miller Hotel, an Art Deco building designed by Russell Pancoast and located on the same block as the Greystone, sold for $14.7 million in December 2010.
The Seville Beach Hotel, located ten blocks north of the Greystone, was acquired by Marriott Hotels through a short sale for $56 million in June 2010. Marriott is in a joint venture with Delano Hotel pioneer, Ian Schrager, for this project.
The Royal Palm Hotel , located four blocks south of the Greystone, was purchased by Sunstone Hotel Investors in August 2010 for $126 million. Sunstone just sold it for $130 million to KSL Capital Partners LLC. The hotel will be managed by New York family based Denihan Hospitality Group.
The Greystone is available for $8.5 million.