Real estate firm Crescent Heights has sold 50% of the Mondrian South Beach condominium and hotel in Miami Beach, Florida, to investor Michael S. Liebowitz, saying the deal “will introduce new opportunities for the property in 2020.”
Liebowitz and Russell Galbut, managing principal of Miami-based Crescent, are the managing members of the 342-room hotel at 1100 West Ave., while Menin Hospitality is expected to continue to run it, according to Crescent. Terms of the sale were not disclosed.
The 17-story property overlooking Biscayne Bay was built by The Morgans Hotel Group and opened as Mondrian in 2009.
Crescent said in a statement it intends to improve the customer experience, while Galbut added that Liebowitz “has a keen eye for design and operations.”
Liebowitz explained that the deal is his first in the hotel industry. He is president and CEO of Harbor Group Consulting of Jericho, New York, advising large banks in risk management. He also has experience starting and selling businesses in the insurance and financial fields.
"When I first met Russell [Galbut], it was to discuss buying the Mondrian,” he said in the statement. “However, I immediately recognized it was in my best interest to partner with him instead and when he agreed, I jumped at the opportunity.”
Galbut co-founded Crescent in 1989. The firm's focus is developing, owning and operating mixed-use buildings in major markets such as Miami, New York, Boston, Chicago, Los Angeles and San Francisco.
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