New York’s Heritage Equity Partners Makes Miami Debut in Edgewater
Developer is planning 18-story rental on 2nd Ave lot
By Julia Echikson February 10, 2022 6:06 pm
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Heritage Equity Partners is making its South Florida debut.
The New York-based developer is planning an 18-story residential building at 2140 NE 2 Avenue in Miami’s Edgewater neighborhood, business partners Toby Moskovits and Michael Lichtenstein told Commercial Observer.
Designed by Bernard Zyscovich, the development will include 120 rental units targeting young professionals, and a ground floor dedicated to retail, the partners said, though they warn plans could still change.
The developer is in “discussion with lenders” to fund the construction, and plans to break ground in the summer or fall of this year.
That is just the start of Heritage Equity Partners’ plans in Miami. The firm has five parcels in the pipeline across the Miami metro area, of which two are close to going under contract, Moskovits said.
In Edgewater, the firm paid $6.3 million for the 22,277-square-foot parcel, currently leased to auto repair shop Midas located between 21st and 22st streets. APEX Capital Realty’s Miguel Pinto represented the seller, James Kaufman of Harold Noordhoek Revocable Trust. Also from APEX, Jamie Rose Maniscalco, Alexandros K. Tsoulfas, along with Pinto, represented the buyer.
Designated as an opportunity zone, a federal program that grants tax breaks in return for investments, Edgewater has welcomed a slew of residential developments over the past decade. The neighborhood is located just east of Wynwood, where numerous tech companies have set up shop in the last year.
“We view [Edgewater] as an extension of Williamsburg,” Lichtenstein said, noting the tech migration to Miami.
In New York, Heritage Equity Partners is known for its projects in Williamsburg and throughout Brooklyn. It developed The Williamsburg Hotel and creative office assets 25 Kent and Bushwick Generator.
A trail of defaults has also plagued the firm. In June 2021, lender Fortress Investment Group sued the developer over a loan tied to the construction of a hotel in Bushwick. A year ago, Heritage filed for bankruptcy on its marquee Williamsburg Hotel after it defaulted on a loan.
Correction: Jamie Rose Maniscalco, Alexandros K. Tsoulfas, and Miguel Pinto represented the buyer — not the seller as previously reported.
Julia Echikson can be reached at jechikson@commercialobserver.com.
