Jeffrey Soffer purchased the building that houses his Story nightclub, as the future of the venue stands in limbo.
The developer, who heads Fontainebleau Development, paid $23 million for the two-story building at 136 Collins Avenue in Miami Beach’s South of Fifth neighborhood, property records show.
The sellers, the Kaine family, developed the 15,600-square-foot property in 1994. Story, which Soffer owns with nightlife mogul David Grutman, opened in 2012 and has become one of Miami’s most popular clubs, where groups such as Swedish House Mafia and DJs Tiesto and Diplo have played.
Soffer and Grutman financed the purchase with a $15.2 million mortgage from London-based Motcomb Estates. They also co-own the LIV nightclub, located inside the iconic Fontainebleau hotel, which Soffer also owns.
The Story building sale comes just days after the club’s operators sued the City of Miami Beach over an alcohol ban. Last week, commissioners voted to halt liquor sales after 2 a.m. for establishments in the South of Fifth neighborhood, but made an exception for venues that can accommodate up to 100 patrons. Previously, alcohol could be sold until 5 a.m.
The new closing time was initially set to take effect Sunday. But during an emergency court hearing Wednesday, city officials agreed not to enforce it until March 14 when a hearing over Story’s request for a temporary injunction is set to take place.
A representative for Soffer declined to comment. The Kaine family could not be reached for comment.
Julia Echikson can be reached jechikson@commercialobsevrer.com.
Jeffrey Soffer purchased the building that houses his Story nightclub, as the future of the venue stands in limbo. The developer, who heads Fontainebleau Development, paid $23 million for the two-story building at 136 Collins Avenue in Miami Beach’s South of Fifth neighborhood, property records show. The sellers, the Kaine family, developed the 15,600-square-foot propertyRead MoreChannel, Retail, Sales, David Grutman, Fontainebleau Development, Jeffrey Soffer, Story Commercial Observer Read More
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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