The nonprofit Florida Grand Opera just sold its ticket offices at 8390 Northwest 25th Street for $6.2 million.
That’s $600,000 less than what they paid for the 35,779-square-foot building back in 2007.
It was purchased by a Miami company named C.I.U, which lists Brooklyn-based Lawrence Leibowitz as its managing member. C.I.U is the same company that helped Florida Grand Opera stave off a $2 million foreclosure lawsuit from development tycoon Tibor Hollo, according to the South Florida Business Journal. Susan Danis, the opera company’s CEO, said at the time that Florida Grand had fallen behind on its payments. She chalked it up to slow summer months when cash flow tightens. The Leibowitz firm bought out FGO’s mortgage from Hollo’s company Financial Markets LLC, and the lawsuit was withdrawn.
Florida Grand Opera is the state’s seventh oldest opera company, according to its website. The group regularly performs at downtown Miami’s Adrienne Arsht Center and has a full schedule of events with tickets for sale up until May 2016.
This isn’t FGO’s first brush with real estate dealings. In 2013, the company sold a downtown Miami parking lot to the Melo Group for $9.5 million. That land now houses the Melody rental tower, which just topped off last week.
Source: The Real Deal