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Infinity Real Estate Revitalizes Iconic 728 Ocean Drive

Feb 12th, 2018

CVS Opens at Hollywood Landmark Site

Miami, FL – February 9, 2018 – Infinity Real Estate, LLC (“Infinity”) announced the opening of CVS in their iconic South Beach property at 728 Ocean Drive. Infinity purchased the property for $12.4 million in 2015 and fully renovated the building in accordance with Historic Preservation Board approval at a cost of over $5 million. The Company has developed and owns several other prominent properties in surrounding neighborhoods including South Beach, North Beach, Edgewater and Wynwood.

Steve Kassin, Infinity’s managing partner, remarked: “Architectural preservation and integrity are guiding values in all our historic development projects. We are thrilled to have revitalized this important South Beach landmark.”

Over the past few decades, the building was severely neglected, with most of its interior abandoned and many of its historic design features either altered, damaged or demolished. Kassin further commented:“I sincerely hope that the magnificent and architecturally significant resurrection of 728 Ocean is well received by our neighbors and the broader Miami Beach community.”

Built in 1953 by the notable post-war architect Don Reif (1924 -1982) as the Sunray Apartments, thelandmark buildinghas been an important fixture in theartdeco streetscape of South Beach. Infinity’s renovation of the property included preserving original elements of the street façade and reintroducing damaged or destroyed architectural elements including original stone elements and the distinctive series of three portholes. The exterior stairwell made famous by its feature in the 1983 blockbuster “Scarface” was also reconstructed to its original specifications.

Kassin added: “I would like to thank the members of the Historic Preservation Board for their unanimous support of our project, as well as Zyscovich Architects for their invaluable design contributions. We also greatly appreciate CVS’s commitment to maintaining the authenticity of this art deco gem.”

About Infinity Real Estate, LLC

Infinity Real Estate is a privately‐owned developer, owner, and manager of high quality real estate in primary U.S. markets. The Company’s portfolio includes over 60 individual properties representing approximately 2.5 million square feet of retail, office and hospitality space and over 1,200 luxury rental apartments. Through its affiliates and portfolio companies, Infinity has managed in excess of 115 properties representing over 20 million square feet. The Company’s principals have led or have directly transacted in over $5 billion of real estate related investments spanning the acquisition or development of individual properties and portfolios, as well as several private corporate deals. The Company has established a strict investment discipline centered on active management of all its projects. Infinity Real Estate was founded in 2005 by Steven J. Kassin and is headquartered in New York City. For more information about Infinity Real Estate, visit www.infinityre.com.