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Snyder & Snyder partners buy Sarasota Vineyards building


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  • | 7:31 p.m. December 16, 2011
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  • Manatee-Sarasota
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BUYER: D&N Florida LLP (principals: David and Leslie Snyder), White Plains, N.Y.

SELLER: IGH 1528 Main LLC

PROPERTY: 1528 Main St., Sarasota

PRICE: $575,000

PREVIOUS PRICE: $315,400, November 2005

LAW FIRM ON DEED: Shumaker Loop & Kendrick LLP, Sarasota

PLANS, DESCRIPTION: David and Leslie Snyder, founders of the New York-based law firm Snyder & Snyder LLP, purchased a 1,988-square-foot retail building on Main Street for $575,000.

The price equated to $289 per square foot.

The 86-year-old building is 100% leased to Sarasota Vineyards, which has more than five years remaining on its lease. The triple-net lease requires the tenant to pay for building maintenance and property taxes.

Lee DeLieto Sr. and Lee DeLieto Jr. of Michael Saunders & Co. handled the transaction.

“They've been to the tavern as patrons and liked the return on the investment,” says Lee DeLieto Jr. “It was a good match. The [buyers] are part-time residents here in Sarasota. They enjoy St. Armands and Sarasota and wanted an ownership [interest] in that.”

Last year, the Snyders purchased the 3,131-square-foot ScoopDaddy's Gourmet Ice Cream unit on St. Armands Circle for $1.6 million.

The purchase entity D&N Florida LLP mortgaged the property to Merrill Lynch Credit Corp. for $1 million.

 

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