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Cymbal Sells Design District Parcels
South Florida Business Journal   Oscar Pedro Musibay  February 2012

The Miami Design District sites where the Casa and Cube condominiums were planned at the height of the residential boom have sold for a combined $11 million.

Asaf Cymbal of Cymbal Development paid $2 million in 2009 for the $10.5 million note attached to more than half a block of contiguous parcels running from 34 N.E. 41st St. to 90 N.E. 41st St. The site at 81 N.E. 40th St. was also tied to the distressed note.

He foreclosed on the entire site, which totals 49,500 square feet of space, nearly a year later.

He entitled it for 42,000 square feet of retail space, 54 residential units and a 218-car parking garage.

Cymbal declined to disclose the name of the buyer, which was not available in public records by deadline.

The Miami Design District has generated lots of investor interest after the 2011 announcement that Louis Vuitton and other retailers would be moving to the area. The neighborhood is also a hotspot for Art Basel events.

Cymbal recently bought the Cabi New River site in downtown Fort Lauderdale.