JMH Development, the New York-based leading real estate development company together with Mitchell Hochberg has sold the Aloft South Beach to Rockpoint Group for $105 million.
· Acquired in 2004 and originally entitled as condos by Jason Halpern (Founder and Managing Partner of JMH Development), as the recession approached, he led and turned its vision into much more.
· Bringing in Mitchell Hochberg as his partner due to his extensive experience in hospitality and their longstanding business relationship, the property was held, paid off and turned into the largest Aloft in the world.
· Converting the development from the 1954 era Motel Ankara into a 130,000 sf playground, which also includes 235-rooms, a renovated historic portion and anew, eight story tower, the property exemplifies the forward-thinking Aloft urban aesthetic, while capturing the carefree vibe of Miami Beach.
Jason Halpern’s approach and expertise in leading this deal was effortlessly conducted and to date, he has added tremendous value to the real estate market between NYC and Miami.