Nightclub is on the market unpriced, but offers are coming in at over $15M, broker says
A Miami Beach nightclub is for sale, and open to Bitcoin buyers, which could make it the first known commercial real estate deal to close with cryptocurrency.
Treehouse nightclub owner and operator Michael Freundlich put the single-story, 4,322-square-foot property at 323 23rd Street on the market.
The nightclub, known for its techno and EDM music nights, has had to scale back its hours due to Miami Beach restrictions during the pandemic, and now is open from 6 p.m. to midnight. It has its liquor and tobacco licenses, which would allow operations until 5 a.m. once Covid restrictions are lifted.
Avison Young’s Michael Fay, Brian C. de la Fé, and Emily Brais have the listing. There is no asking price.
Early offers are topping $15 million for the property, although so far none have come in from Bitcoin or other cryptocurrency buyers, Fay said.
Freundlich, through his 323 Sobe affiliate, bought the property in April 2015 for $3.25 million, property records show. The building is on an 8,890-square-foot lot.
