New York developer Yair Levy secures $ 23.6 million construction loan for Miami project
New York developer Yair Levy, which develops Time Century Jewelry Center in downtown Miami, got a $ 23.6 million construction loan City National Bank of Florida. The funds will be used to complete Phase 1 of a $ 50 million renovation of the building formerly known as the Metro Mall. Phase 1 includes the building’s wholesale space, which includes the basement, ground floor, mezzanine and second floor. Phase 2, scheduled for later this year, consists of four floors of offices. New York-based Time Century Holdings LLC closed the loan on February 12.
Once renovations are completed in the second quarter of 2022, the 225,000-square-foot Time Century will redefine an entire city block in the jewelry and diamond district of downtown Miami. Time Century, located at 1 NE First St., will be one of the latest additions to the revitalized downtown area that attracts a new wave of residents and businesses from the Northeast, California and other tax-dependent states. . For example, Blackstone, a New York-based private equity firm, just announced that it will lease 41,000 square feet of office space at 2MiamiCentral, a recently completed building a few blocks from Time Century.
The renovation of Time Century is led by famous architect Kobi Karp. Levy, who runs Time Century Holdings, a real estate investment and development firm, envisions a premier destination for luxury jewelry retailers, wholesalers, consumers and watch enthusiasts.
“This loan is a real endorsement of the transformation of downtown Miami,” Levy said. “The City National Bank has a pulse in the community and wants to be part of projects that will further position downtown Miami as a global destination. Our wholesale space, which is over 60% pre-let, has already attracted jewelers from Europe, South America and Asia. We are proud to have partnered with City National Bank to bring this project to fruition.
The developer completed the demolition of the interior of the building in early 2020 and began construction at the start of the pandemic. Despite the economic downturn caused by the shutdown of the economy, Time Century was able to pre-let more than half of the retail space. Currently, the remaining wholesale space available at Time Century ranges from 500 to 2,000 square feet with rental rates ranging from $ 65 to $ 150 per square foot.
The jewelry center will include four floors of luxury jewelry retail and wholesale space as well as four additional floors of office space. A large three-story atrium with newly designed escalators and computerized directories will seamlessly direct guests at all levels. Most tenants will have unobstructed signage visible from the ground floor. Guests will also benefit from Time Century valet parking and the many newly constructed public parking lots within walking distance of the building.
With glass storefronts, high ceilings, sleek escalators and elevators, and state-of-the-art security, Time Century attracts local, regional and national tenants. It will be the first luxury commercial building in the jewelry district.
Located along NE First Street and E. Flagler Street, Miami’s vibrant jewelry district is home to more than 400 jewelry stores within a four-block radius. The neighborhood generates nearly a billion dollars in sales per year. The area offers easy access to the MetroRail, People Mover and Brightline train, connecting Miami to Fort Lauderdale and West Palm Beach. The neighborhood is minutes from PortMiami, known the world over as the “Cruise Capital of the World”. Millions of tourists visit downtown Miami every year, and many more are expected to arrive as soon as the Brightline commuter train opens a station in Orlando, connecting Miami tourists to Orlando’s theme parks.
Miami – along with South Florida – is also seeing an influx of people leaving states with the greatest tax burden for residents, including New York, Connecticut, New Jersey, and California. Some residents of the Northeast who have moved their home and / or business to South Florida include President Donald Trump, Carl Icahn of Icahn Enterprises, Barry Sternlicht of Starwood Capital Group, and Edward Lampert of ESL Investments, between other. Multi-billion dollar investment firm Elliot Management is moving its headquarters from Manhattan to West Palm Beach, and private equity giant Blackstone is opening a regional tech headquarters in downtown Miami. Earlier this month, it was reported that Goldman Sachs was considering moving its $ 8 billion asset management division from New York to South Florida.
Levy, who recently ditched the Big Apple for Miami, is in the process of acquiring commercial properties in Miami and Orlando. Before focusing on acquiring real estate in Florida, he focused on real estate in New York City. He was behind the acquisition of the 620 Sixth Avenue building, which he and his partners acquired for $ 280 million over a decade ago and ultimately sold it for $ 500 million. He was also behind the $ 418 million purchase of Sheffield 57 at 322 West 57th Street, which Levy and his partners renovated and converted into condos, generating more than $ 1 billion in sales.
About Time Century Holdings LLC
Time Century Holdings is a real estate investment and development company with a diversified portfolio of interests in New York and Florida. TCH managers have over 50 years of experience as a retail store operator and owner. The Time Century building represents the company’s most recent acquisition in South Florida. Time Century Holdings is seeking to develop its real estate portfolio in Florida through the acquisition of retail assets.