GREAT NECK, N.Y.--(BUSINESS WIRE)--Corvin Capital, LLC ("Corvin"), announced today that the real estate investment manager, and developer has made its first south east development investment in the state of Florida. Corvin together with Bizzi & Partners Development and Silverback Development, acquired the property for $12,000,000 and intend on completing New River Central by late 2020. Located at 100 SW 6th Street, Fort Lauderdale, FL, 33301, New River Central will be approximately 625,000 square feet, and will have luxury amenities - such as, pools, spa, gyms, and lounges. The high-rise will be located in the desirable, high-growth market of Fort Lauderdale.
The property when completed will stand at 35-stories with 401 rental units, 5,500 SF of retail space, 20,000 SF of amenities and a nine-story parking structure with 477 spaces. "This acquisition directly aligns with our investment parameters," said Mark Neuman, CEO of Corvin. "The property is exceptionally well-located and offers a significant development opportunity. We intend to build a luxury building, that is still affordable and in line with the strong demand for this type of product in Fort Lauderdale." Josh Aryeh the COO of Corvin was quoted as saying, “New River Central’s incredible location is unique. The property is located in one of Fort Lauderdale’s most popular business centers, and is buoyed by a diverse economy, a strong presence of mature companies and is one of Florida’s most active ports. We at Corvin look forward to building a beautiful building for the community.”
About Corvin Capital
Corvin Capital is an investment platform specializing in value-add opportunistic real estate strategies, with a specific focus on development & income producing assets. Our goal is to acquire assets that can be rapidly re-positioned to provide high cash-on-cash returns and generate superior long-term capital appreciation. We employ a rigorous approach to sourcing, underwriting, and ultimately investing in opportunities we find attractive. In addition, the firm provides a full range of advisory services including due diligence, project financing, loan syndications, and strategic advisory. For more information about Corvin, please visit: www.corvincap.com