ASG Equities, a leading owner and operator of high-quality assets, today announced it has finalized the sale of 70-74 NE 40th Street, the last of a three-building retail portfolio within Miami’s famed Design District.
Located on a premier corridor in the heart of Miami’s high-end shopping district, 70-74 NE 40th Street is fully occupied by luxury brands Ksubi and Orlean. The freestanding, single-story building, which was acquired by Dacra for $14 million, features 4,500 square feet of retail space.
The transaction marks the successful conclusion of a three-building Miami Design District portfolio sale. In March, ASG sold 80 NE 40th Street to Dacra as well. In November, after successfully leasing the entire building located at 101 NE 40th Street to Alo Yoga during the COVID pandemic, ASG then sold the asset to Alo for $4,400 per square foot.
“We purchased these three assets a decade ago in recognition of South Florida’s long-term potential. The Design District in particular has thrived in recent years even as other submarkets struggle to regain their footing,” said George Karnoupakis, Head of Asset Management, ASG Equities. “We remain bullish on the region and are fully committed to maintaining and growing our presence here. With these asset sales now concluded, we are focusing on our vision for the future via our ongoing development projects.”
A few blocks away, ASG is working with its partner Helm Equities on Parterre 42, a 500,000-square-foot mixed-use project spanning an entire Design District block. Designed by COOKFOX architects, the development will feature a mix of office and retail along with more than 80,000 square feet of outdoor space.
In the nearby Wynwood Arts District, ASG also owns the one-acre lot located at 2600-2630 NW Second Avenue, currently occupied by Smorgasburg.
Headquartered in New York, ASG is the real estate family office of the Gindi family, which founded the iconic Century 21 brand. Its 6.5 million-square-foot portfolio of assets spans some of the most desirable corridors in top submarkets of the U.S. and Canada. Notable holdings include Boston’s 28 Newbury Street, which is occupied by Cartier, and 4-6 Newbury Street, occupied by Chanel, as well as Toronto’s 100 Bloor Street, with a roster of tenants that includes Hermes, Burberry and Van Cleef Arpels.
About ASG Equities
ASG Equities (ASG), headquartered in New York, is the real estate family office of the Gindi Family, comprised of a dedicted team of experienced professional with over 50 years of global real estate experience. The Gindi’s are known for founding the iconic NYC destination – Century 21 Stores NYC in 1961 and continue to actively own a 6.5 million square foot global real estate portfolio. ASG concentrates predominately on core and value add properties across multiple asset classes including retail, industrial, office, multifamily, student housing, and hospitality. ASG also actively invests with managers into equities, credit, private equity, venture capital, oil and gas and various other alternative investments. ASG has stakes in various operating businesses and in 2024 through a joint venture, launched Mercer Labs, Musuem of Art and Technology at 21 Dey street one of ASG’s real estate holdings.
