Overview

Syncopated Real Estate offers an integrated approach to property acquisition and asset disposition. As a South Florida brokerage we facilitate the buying, selling, and leasing of real estate in both residential and commercial markets.

A strategic coordination with real estate professionals and funding services allows for innovative solutions. The boutique brokerage approach caters to the individual goals of buyers and sellers. This is accomplished through listening to market rhythms and having the dedication to discover value. The ability to connect with resources such as family offices, legal services, accounting professionals, and private funding groups, facilitates smooth transactions.

This method achieves success while developing long term business relationships.

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Dedication

A focused approach to real estate transactions in order to cater to specific needs.  

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We listen carefully to achieve successful real estate goals.

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Our unique expertise and personal touch delivers comprehensive real estate services.

South Florida News

  • Cortland and Clarion Partners pay $120M for Broadstone North Boca Village
    7801 North Federal Highway in Boca Raton (Credit: Cortland)

    7801 North Federal Highway in Boca Raton (Credit: Cortland)

    PGIM Real Estate and Alliance Residential sold a sprawling apartment complex in Boca Raton to Cortland and Clarion Partners for about $120 million, The Real Deal has learned.

    Atlanta-based Cortland and Clarion Partners, a New York-based investment adviser, paid $312,500 per unit for Broadstone North Boca, a 384-unit apartment development at 7801 North Federal Highway. The deal, which closed on Thursday, marks one of the largest multifamily investment sales in South Florida so far this year.

    It’s the fourth deal for Cortland and Clarion as partners, and the 15th property in Florida for Cortland, according to a release.

    Cortland will rebrand the property Cortland Boca Raton, and the two partners plan to upgrade the units’ interiors, amenities and landscaping. The 17-acre development was completed in 2012 and has a mix of apartments, including five-story mid-rise buildings with elevators, three-story garden-style buildings and three-story townhouse-style units. Amenities include a resort-style pool, putting green, bocce ball court, playground, green space and courtyard, and a dog park with a washing station.

    Monthly rents range from $1,570 to $3,914, according to Apartments.com.

    The development hit the market about a year ago as part of a five-property PGIM portfolio in the Southeast, according to RE Alert. Walker & Dunlop marketed the portfolio, which had a combined value of about $415 million.

    Chris Conklin of Walker & Dunlop represented the seller of Broadstone North Boca, according to the company’s website.

    Cortland has invested in or managed more than 155 apartment communities with over 52,000 homes in the U.S., and Clarion has more than $50 billion in total assets under management, according to the release.

    The rental market is still strong in South Florida, although rent growth is slowing in oversaturated markets like Miami’s urban core.

    In May, the Blackstone Group paid $208.75 million for a pair of neighboring apartment complexes in Doral, the largest multifamily sale this year.

  • In LA’s affordable housing crisis, there is room for the “vanlord”
    (Credit: iStock)

    (Credit: iStock)

    The affordable housing crisis in Los Angeles may have reached a breaking point with the emergence of the “vanlord.”

    People in Venice have been resorting to renting space in vans for weeks at a time at a cost of $300 a month, according to the Santa Monica Daily Press. The owner, or landlord or vanlord is Gary Gallerie, who has been renting out 14 vans — most of which don’t run, according to the report. Some have been parked in front of multimillion-dollar mansions.

    In L.A. County, an estimated 30 percent of the 59,000 people living on the streets stay in vehicles, tents and makeshift shelters, according to the L.A. Homeless Services Authority.

    The region has been strapped with a crushing lack of affordable housing, with renters having to earn triple the minimum wage to afford the median monthly rent of $2,500. The county needs more than a half million more units of affordable housing to meet current demand, according to the California Housing Partnership.

    Gary Painter, director of USC’s Homeless Policy Research Institute, told the Daily Press, “it’s not shocking that people are thinking about these makeshift solutions.”

    L.A. Mayor Eric Garcetti last year committed to building emergency shelters across the city. The program, which has a $20 million budget this year and is called “A Bridge Home,” has been met with fierce resistance from property owners, developers and residents in different neighborhoods who say the shelters will raise crime and stifle growth. Some of those areas include Koreatown — which has been experiencing a development boom — along with other places like Sherman Oaks and Venice. Painter of USC said many homeowners think if that don’t provide alternatives that are better than living on the streets, those homeless people will leave. But, he added, “we don’t have evidence that actually happens.” [SMDP]Gregory Cornfield

  • The TRD weekly global digest
    From left: London, Shanghai and Paris

    From left: London, Shanghai and Paris

    Every week, The Real Deal rounds up the biggest real estate news from around the globe.

    United Kingdom

    The future of the Tulip Tower has wilted. London Mayor Sadiq Khan denied approval for the controversial structure, which would have been nearly 1,000 feet tall. Starchitect Norman Foster and his firm, Foster + Partners, designed the bulbous building, which New York magazine derided as “Instagram architecture at its emptiest.” In Manhattan, two Foster-designed tower projects — JPMorgan’s 270 Park Avenue and L&L Holding’s 425 Park Avenue — are under way. [Surface]

    London landlords are aghast at Mayor Sadiq Khan’s call for rent controls. It was part of a series of proposals that included ending “no-fault” evictions, as well as incentives for building rentals. But the real estate industry says it will discourage investment and development in the rental sector, which has seen strong demand because many Londoners can’t afford to buy homes. [Evening Standard] 

    Home prices are still headed for the bottom. The average sale price of detached homes in London was down 6.1 percent in May from the same month last year, according to Land Registry data. Sale prices for other types of London homes also fell, though not as sharply. Average sale prices dropped 5 percent for maisonettes and flats, 4 percent for semi-detached houses and 2.9 percent for terraced homes. But the average value of a London home still about twice the amount of a U.K. home. Meanwhile, the number of London homes listed for sale is 18 percent lower this year than last year because of a “protracted political hiatus.” A report by property portal Rightmove showed that the latest data on London home sales signal the market is “bottoming out.” [BBC, Homes & Property]

    The Brexit-bludgeoned London office market can thank Parliament for a big new lease. As many as 1,000 administrative staff of the House of Commons will occupy 10 floors and 100,000 square feet in a building owned by the City of Westminster, a centrally located borough of London. Parliament will take the temporary office space near St. James’s Park station while a multibillion-dollar restoration of the Palace of Westminster unfolds through the mid-2020s. [The Standard]

    Brazil

    Brazil just saw its first real estate blockchain deal. Brazilian construction company Cyrela and a startup called Growth Tech completed a property sale via blockchain technology in 20 minutes. The process of selling a property typically takes about a month. Some developers and real estate groups have moved to adopt or invest in blockchain and other new technologies. The National Association of Realtors last month said it was investing in Propy, a real estate transaction platform. [ZDNet.com]

    Canada

    Toronto is about to see the largest mixed-use development in its history. The architecture firm behind Salesforce Tower in San Francisco has designed the 4.3 million-square-foot Union Park project in Toronto. Oxford Properties Group recently revealed the initial architectural designs for Union Park by Pelli Clarke Pelli Architects, led by Cesar Pelli, best known for Salesforce Tower and the International Finance Centre in Hong Kong.

    France

    One of the world’s most beautiful buildings was almost lost. New details regarding the devastating Notre Dame fire reveal major mistakes made during the first hour. A guard who was instructed to check for the fire first went to the wrong building — ultimately wasting up to a half-hour — and didn’t immediately call the fire department. While authorities have yet to determine how the fire started, the wasted time left firefighters with huge disadvantages. A small group was sent directly into the blaze in the attic in a final attempt to save the 850-year-old cathedral. [NYT]

    Hong Kong, China

    Unrest is driving away local investment. Affluent residents in Hong Kong are looking to international real estate markets as the U.S. trade war and local unrest continue. According to a new report by Savills, the number of inquiries about Hong Kong homes declined in the second quarter, triggering a 1.5 percent drop in the prices of townhouses. “The extradition bill caused some local money to look beyond Hong Kong, with Singapore favored, followed by the UK and Australia,” said Savills’ Simon Smith. [SCMP]

    Hong Kong may see its first real estate IPO since 2013. China Merchants Shekou Industrial Zone Holdings is planning an $800 million initial public offering of shares in Hong Kong. China Merchants Shekou would be the first real estate investment trust to go public in Hong Kong since 2013, when Spring REIT raised $216 million in its IPO. [Bloomberg]

    Hong Kong’s commercial property market is seeing a dip. Office rents and investment saw a decline in the second quarter, according to CBRE. Amid lagging demand for space, office rents dropped 0.6 percent in the second quarter compared with the first quarter. It marked the first decline since the second quarter of 2014. Q2 volume of commercial property sales fell to $2.7 billion, down 6.2 percent from the first quarter. That was the smallest quarterly transaction volume in three years. [Reuters]

    Germany

    Housing-strapped Germany is attracting investment from Chinese executives. In Munich, an executive of Huawei bought four apartments for more than $550,000 each, then rented them to other Chinese employees relocating to Huawei’s Munich research center. Despite its economic prowess, Germany has a worsening scarcity of housing in its seven largest cities, which together have one million fewer flats than they need. Last month, Berlin lawmakers passed a five-year rent freeze, hoping to tamp down the growing discontent among residents. [SCMP]

    Netherlands

    Deutsche Bank is settling bribery claims brought by an affordable housing company. The German financial giant, which is under investigation by two congressional committees and the New York attorney general for its ties to President Trump — agreed to pay 175 million euros ($197 million) to settle bribery allegations by a Dutch provider of public housing. Stichting Vestia claimed that some of its trading in derivatives through Deutsche Bank was “flawed” because the bank paid fees to a middleman who paid bribes to arrange trades on behalf of the Dutch company. [Bloomberg]

    Turkey

    The country’s economy could shrink this year for the first time in a decade. That contraction could add to interest in U.S. real estate among Turkish investors. The Turkish government has cut its own 2019 economic forecast to 2.3 percent growth amid the growing budget deficit. The country’s last economic contraction on an annual basis was its 4.7 percent decline in 2009. [Reuters]

    Australia

    The nation’s largest lender is looking to boost the economy. Commonwealth Bank of Australia is the latest of the country’s financial institutions to ease lending standards, according to Reuters. The bank will introduce a floor rate and interest rate buffer in line with government’s regulatory guidelines meant to stabilize home prices. [Reuters]

  • Brazilian paper magnate throws $7M in bills for Palazzo Del Sol condo
    Palazzo Del Sol

    Palazzo Del Sol

    The family that owns one of the largest paper manufacturers in Brazil paid $7.3 million for a condo at Palazzo Del Sol on Fisher Island.

    Masterpiece Property Holdings Corp., which is tied to Maria De Carvalho Klabin and Roberto Leme Klabin, bought the 3,793-square-foot condo at 7065 Fisher Island for $1,924 per square foot, records show. The development group PDS Development sold the unit.

    Dora Puig of Fisher Island Real Estate, LLC represented the buyer and the seller in the transaction, according to RedFin.

    The Klabin family controls São Paulo-based Klabin SA, one of Brazil’s largest pulp and paper manufacturers. The company was founded in 1899, according to its website.

    The 10-story Palazzo Del Sol has 43 units on ritzy Fisher Island, which is consistently ranked as America’s wealthiest Zip code. The island can only be reached by ferry, boat or helicopter.

    Palazzo Del Sol was completed in 2016 as the first condominium project to be built on the island since 2007. The tower was designed by Kobi Karp, with landscaping by Enzo Enea.

    Other residents at Palazzo Del Sol include billionaire and former Hasbro CEO Alan Hassenfeld, Yard House founder and CEO Steele Platt, and former Formula One driver Enrique Bernoldi. There are four units that remain unsold, according to a spokesperson for the development.

    In December, PDS Development secured a $50 million bridge loan to finance its two luxury Fisher Island condominium projects. The group’s 50-unit Palazzo Della Luna is currently under construction and is expected to be delivered later this year.

  • New stores opening at Aventura Mall, Lincoln Road, Bal Harbour & more
    From left: Escada at Bal Harbour Shops, Pronovias on Miracle Mile, and The Casper Wake-Up on Lincoln Road.

    From left: Escada at Bal Harbour Shops, Pronovias on Miracle Mile, and The Casper Wake-Up on Lincoln Road.

    UPDATED, July 19, 4:50 p.m.: Despite retail turmoil across the United States, several new stores have opened or are planned in South Florida.

    Aventura Mall
    Hope & Henry, founded in 2016 by former Gymboree and Crazy 8 executives Matt and Marina McCauley, opened its first brick-and-mortar store at Aventura Mall. The brand offers organic cotton pieces for infants, toddlers and children, with select pieces available for adults. The store is located on the upper level of the mall.

    Calzedonia, founded in Verona, Italy in 1986, offers swimwear and legwear, including hosiery and socks. Calzedonia also features beachwear including kaftans, dresses, tops, bottoms, jumpsuits and accessories. The brand has more than 1,750 shops worldwide. It is located on the upper level of the mall across from Bloomingdale’s.

    ECCO opened on the lower level of Aventura Mall. The Danish shoe brand was created in 1963 by dedicated shoemakers. In addition, All Saints reopened on the mall’s lower level, and HUGO by Hugo Boss is set to reopen on the upper level of the mall’s new wing later this summer.

    Lincoln Road
    Casper, the sleep products company, just opened The Casper Wake-Up at 1114 Lincoln Road in Miami Beach. The store’s products including Casper mattresses, pillows, bedding, furniture and dog beds, which can be carried out or delivered.

    Beachwear retailer MC2 Saint Barth, which has more than 34 stores worldwide, is opening a 748-square-foot store at 608 Lincoln Road. Terranova Corp.

    President Mindy McIllroy scored the four-year lease with the retailer. The store is expected to open later this year, according to Terranova. MC2 Saint Barth will be located next to Sushi Samba.

    Brandy Melville is opening its Florida flagship store at 730 Lincoln Road. The women’s apparel and accessories store has locations throughout Europe and the U.S., as well as in Hong Kong and Calgary, Canada, according to its website.

    The 2,500-square-foot Lincoln Road store is under construction, and is expected to open this summer, said Lyle Stern of Koniver Stern Group.

    Stern represented the landlord and David Abrams of RKF represented the tenant. 

    Wynwood
    Aviator Nation, a lifestyle fashion brand, signed a lease at the former Shinola location, at 2399 Northwest Second Avenue in Miami.

    The 1,350-square-foot store is expected to open by January, and will mark Aviator Nation’s first location on the East Coast. The brand was created by Paige Mycoskie in Venice, California, in 2006. The store will feature T-shirts, hoodies, sweatpants, tanks, outerwear, hats and more.

    Dwntwn Realty Advisors’ Joe Fernandez represented the tenant and David Spitz and Tony Arellano of Dwntwn represented the landlord, JSRE.

    The asking rent was $170 per square foot, triple net, according to the brokerage.

    Bal Harbour Shops
    Escada opened its first concept store in the United States at Bal Harbour Shops.

    The German luxury label was launched by Margaretha and Wolfgang Ley in 1978. The new store on Level 2 of Bal Harbour Shops carries the brand’s main line and sport collections, including outerwear, dresses, tailoring, casual wear and accessories.

    Coral Gables
    Pronovias, the Spanish bridal retailer, opened its first U.S. flagship store at 360 Miracle Mile, Terranova Corp. announced. The store spans 2,758 square feet, according to a spokesperson for Terranova. The brand was founded in Barcelona in 1922.

    LaserAway, a medical spa, opened at 263 Miracle Mile. Founded by Dr. Roy S. Winston in Southern California in 2006, LaserAway specializes in laser hair removal, tattoo removal, skin care and anti-aging services. It is occupying 1,780 square feet, the Terranova spokesperson said.

    Brickell
    Dogtown Brickell, a pet spa, hotel and daycare center, opened on the second floor of Panorama Tower, at 1100 Brickell Bay Drive in Miami. The 85-story apartment building is the tallest residential building south of Manhattan. It was developed last year by Florida East Coast Realty.

    With more than 3,300 square feet on the second floor of the tower, the Dogtown Brickell location marks Dogtown’s second location in Miami. The first is at 3210 Grand Avenue. Dogtown’s owners are Anai and Kris Fonte.

    Doral
    Blos Roses is opening its first shop at 8550 Northwest 53rd Street in Doral, suite B103 on Thursday. The store will be a blowdry and manicure express bar.

  • What will proptech look like in 2019 and beyond?

    [video_embed][/video_embed]

    Every year, MetaProp’s Zach Aarons breaks out his crystal ball, likely an app, and makes proptech predictions for the next year — and b e y o n d !

    Already, it’s been a big year for proptech: Some $12.9 billion was invested in real estate tech startups, according to research firm CREtech. Having beat out record-breaking 2017, which saw $12.7 billion for the whole year, big tech changes could be coming real estate’s way.

    Aarons, the co-founder and partner of the venture capital fund, has a wide and far-reaching vision for proptech from smart contracts to drones to artificial intelligence to space travel. And it might just be the year real estate fully embraces tech.

    “Every other industry’s adopted it,” Aarons said. “Why not ours?”

    Watch the video above to hear Aaron’s take on how proptech will transform real estate dealmaking and how — and where — developers can build.

  • Spec home builder Mathieu Massa sells Miami Beach home
    4510 Prairie Avenue, Julian Johnston and Mathieu Massa

    4510 Prairie Avenue, Julian Johnston and Mathieu Massa

    Spec home builder and French restaurateur Mathieu Massa sold a waterfront home in Miami Beach’s Nautilus neighborhood for $7 million.

    Massa’s 4528 Prairie LLC sold the six-bedroom, 6,291-square-foot house at 4510 Prairie Avenue, according to a press release. Massa Construction Group built the house, which was designed by Choeff Levy Fischman.

    It hit the market in 2017 for nearly $8 million. Julian Johnston of Calibre International Realty represented Massa.

    The two-story home features interiors by Dunagan Diverio Design Group; European oak and stone floors; designer lighting and a Lutron control system; an outdoor kitchen and dining area; lounge space and a pool.

    The $7 million sale marks a record for waterfront homes on the Biscayne Waterway in Mid-Beach, according to Johnston. He declined to comment on the buyer.

    Property records show Massa paid $3 million for the two lots at 4510 and 4528 Prairie Avenue in 2014. He built a spec home on the second lot in 2018, which is on the market for $7.75 million.

    He also developed the spec home at 1826 West 23rd Street, which hit the market in 2017 for nearly $18 million.

    Massa also owns Mr. Hospitality, which runs Baoli Miami, Marion in Brickell and El Tucan. He’s an heir to a family that founded a large tire company in Europe which eventually sold to Continental Tire of Germany in 2011, according to Massa Investment’s website.

  • The Real Deal’s 6th annual Miami Showcase & Forum

    The Real Deal’s 6th annual Miami Showcase & Forum

    The Real Deal’s sixth annual Real Estate Showcase & Forum on October 17th at Mana Wynwood is set to draw yet another powerful crowd of influencers in real estate. More than 3,500+ attendees, including financiers, developers and brokers, are expected to gather for this exclusive one-day event that gives businesses a chance to connect with decision-makers who have a direct impact on their company’s growth.

    Our previous showcases were sellout successes with speakers such as Richard LeFrak, LeFrak; Edgardo Defortuna, Fortune International; David Martin, Terra; Art Falcone, Falcone Group; Alicia Cervera Lamadrid, Cervera Real Estate; Gil Dezer, Dezer Development; Howard Lorber, Douglas Elliman; Robert Reffkin, Compass; Michael Stern, JDS Development Group; Mauricio Umansky, The Agency; Jules Trump, The Trump Group and many others!

    Some of this year’s discussions will focus on Opportunity Zones, affordable housing, condo development, real estate technology and exploring Miami’s neighborhoods.

    Douglas Elliman, Fortune International, Citibank, Brown Harris Stevens, Samsung, California Closets, Allure Development and many other brands have already signed up to sponsor the event. For information on sponsorship opportunities contact forum@therealdeal.com

    Our schedule of events and list of panelists are being updated daily, so be sure to check out our event page here to get the most up-to-date info! Tickets are available for purchase here.

  • Ben Ashkenazy jacked up the rent to $30M. Now Barneys is weighing another bankruptcy
    Barneys at 660 Madison Avenue (Credit: Getty Images)

    Barneys at 660 Madison Avenue (Credit: Getty Images)

    Barneys, a symbol of New York City luxury fashion, is reportedly weighing a second bankruptcy, after the retailer’s $16 million annual rent jumped to $30 million at its Madison Avenue flagship. The move comes after a city arbitrator decided last year to allow Ben Ashkenazy to nearly double the rent on the 275,000-square-foot flagship store at 660 Madison Avenue. About one-third of Barneys’ revenues comes from that store.

    Ben Ashkenazy

    Ben Ashkenazy

    The company has hired law firm Kirkland & Ellis, consultants MII Partners and investment bank Houlihan Lokey, to consider either bankruptcy, renegotiating leases, or bringing in a strategic advisor, the New York Times reported.

    “Our board and management are actively evaluating opportunities to strengthen our balance sheet and ensure the sustainable, long-term growth and success of our business,” Barneys said in a statement.

    Barneys has been planning to open its first flagship store in the Southeast at Bal Harbour Shops in South Florida, which is undergoing a $400 million expansion.

    Barneys’ 20-year commercial lease on Madison Avenue, which expired in January, contained a clause that allowed Ashkenazy to raise the rent to fair market value. While Barneys balks at the new sum, things could have been worse. Ashkenazy, who acquired 660 Madison in the previous Barneys bankruptcy, had originally asked for $60 million.

    In March, Barneys was reportedly in talks to give up several of its floors in order to cut back on the $30 million in rent. Barneys claimed the story was false.

    Peter Marino, the architect behind the Madison Avenue flagship, said that a new tenant is not likely to replace Barneys. “It’s crazy to double the rent; half of Madison Avenue is empty,” he told the Times.

    The news comes at a difficult time for brick-and-mortar retail: Lord & Taylor, Calvin Klein and Saks Fifth Avenue have also closed stores. [NYT] — Georgia Kromrei

  • Bank OZK’s loan growth slows in Q2 amid cooling markets
    George Gleason (Credit: iStock)

    George Gleason (Credit: iStock)

    Bank OZK, one of the country’s most aggressive condo construction lenders, signaled in its most recent earnings report that its real estate lending growth is slowing down.

    The bank’s organic loan portfolio increased 11 percent in the second quarter of 2019, year-over-year. That’s after increasing 28.6 percent in the second quarter of 2018, compared to the previous year. The Little Rock-based regional bank said in a conference call with analysts that its future loan growth is expected to slow down due to an increased amount of repayments on its real estate loans.

    During the conference call, Bank OZK CEO George Gleason said the bank was surprised by how quickly some of the projects were getting repaid. In the second quarter, the bank reported repayments of $1.54 billion in its real estate lending division, up from $1.1 billion in the first quarter.

    Bank OZK reported second quarter net income of $110.5 million, down 3.7 percent from the same period of 2018, partly due to these repayments.

    The bank had $18.2 billion in deposits at June 30, a 1.6 percent increase from $17.9 billion at June 30, 2018.

    Gleason said on the conference call that the bank is seeing fewer opportunities for construction loans in New York City since there are fewer new projects and competition from banks and debt funds is increasing.

    “Lenders in certain markets are very aggressive on price,” Gleason told analysts. “We’ve been clear without exception that we are not going to sacrifice our credit standards.”

    With just under $23 billion in assets, Bank OZK is one of the largest and most aggressive condo construction lenders in Miami, Los Angeles and New York City, lending at a time when other banks are pulling back.

    The bank reported no major write-offs on its real estate loans in its most recent quarter. In the third quarter of 2018, the bank had to write down two real estate loans it had made about a decade ago which caused its stock to plummet that day by more than 24 percent.

    Critics worry Bank OZK is being overly aggressive at a time when condo sales have slowed down in New York and Miami.

    The bank’s stock was up 3 percent to $29.57 at 1:30 p.m. on Friday.