Bay Harbor Islands-based Finvarb Group, led by developer and hotelier Ronny Finvarb, in partnership with Joseph Chetrit, have acquired the Macy’s property off of Lincoln Road in Miami Beach for $15.5 million, $152 PSF. The iconic building, which is located at 1675 Meridian Ave., was developed in 1953 and is one of the oldest retail buildings in Miami Beach. The building spans 102,009 SF on a 1.15 acre lot. The seller was the San Antonio-based Terry Emanuel and the deal included $9.3 million in seller financing.

Ronny Finvarb is currently developing the nearby Thompson Hotel South Beach and other projects in different stages. Finvarb Group owns 15 hotels, restaurants and other properties in Florida, Texas and Arizona, including the Kimpton Palomar South Beach and Osteria Morini, the Residence Inn by Marriott South Beach, the Courtyard by Marriott South Beach, and the Courtyard by Marriott Jupiter Palm Beach, which they developed. In Miami, Finvarb Group also owns the Landon Bay Harbor boutique hotel, including The Palm restaurant, which they acquired for $10 million in November 2021. The Finvarb Group also recently acquired mixed-use properties in Deerfield Beach, including JB’s on the Beach oceanfront restaurant property.