Acquisition Plan Negotiation Intel

Negotiation
Intelligence

Who owns the land under the Elbo Room, what they paid, what they want, and what it would actually take to buy it. Research as of March 2026.

The Players
Three Parties, One Block
The Elbo Room sits on a 5-acre beachfront block at A1A and Las Olas. Three separate interests control different pieces.
5
Acres Total (Block)
0.24
Acres (Elbo Room Parcel)
~10 yrs
Until Ground Lease Expires
$7.1M
Cohen's Purchase Price (2017)
Land Owner
Joseph Cohen / Brooklyn 46th LLC
JC
Joseph Cohen
Manager, Brooklyn 46th Florida LLC -- The man who owns the dirt under the Elbo Room
EntityBrooklyn 46th Florida, LLC (Foreign LLC from New York)
FL FilingM18000005823 (filed 6/19/2018, ACTIVE)
EIN47-2618637
Mailing Address45 NW 21st St, Miami, FL 33127 (Wynwood -- Cohen's office)
Property Address3001 E Las Olas Blvd, Fort Lauderdale, FL 33316
BCPA Folio504212010330
On-site ContactJeffrey Roberts (registered agent, likely property manager)
Parent CompanyThe Cohen's Organization, LLC (FL, filed 1/22/2013, doc# L13000010397)
Purchase DateMarch 28, 2017
Purchase Price$7,100,000 ($670/sq ft) via Multi Special Warranty Deed
Sold ByRichard Steinbook via Marcus & Millichap (broker Jonathan Gerszberg)
Listed At$7,750,000 -- Cohen got ~10% discount

Cohen's Investment Pattern

He does the same thing every time: buy cheap, hold for years, sell for massive multiples. He doesn't develop. He doesn't operate. He waits.

Property Bought Paid Outcome
3 Wynwood properties 2012-2014 $3.2M combined Listed for $35M in 2022 (10x)
Wynwood Block (2621 NW 2nd Ave) 2021 $24.2M Holding
Elbo Room parcel (3001 E Las Olas) March 2017 $7.1M Holding (9 years and counting)
What This Means
Cohen is patient capital. He has never sold a property for less than 3x his basis. He will not accept 2x on the Elbo Room parcel. His floor is likely $20M+ unless significant leverage changes the equation.

Cohen's Carrying Cost

Item Annual Notes
Property Taxes~$33,500/yr2025: $33,523.51 (BCPA records)
Rental IncomeMinimalGround lease tenants pay operating expenses. "Very little income" per M&M broker.
Total Basis (est.)~$7.5M$7.1M purchase + ~$300K in taxes over 9 years
Our Leverage
Cohen is carrying $7.5M in dead capital generating near-zero income. Both the 100-year master lease (Joyner Family Partnership) and our 25-year sublease expire in 2036. He can't develop until then. But ten years is nothing to a patient land speculator -- his carrying cost is just ~$33K/year in taxes. What he gets in 2036 is unencumbered beachfront worth far more than what we'd offer today. Time is actually on HIS side unless we change the equation (historic designation).
The Megaproject
AJ Yaari & Lior Avidor
YA
Yaari & Avidor
"It's Better on the Beach" hospitality firm -- They own the rest of the block
Portfolio~4.5 of the 5 total acres on the block (everything EXCEPT Cohen's parcel)
Key Purchase$32M in April 2017 (201-203 S Fort Lauderdale Beach Blvd + parking + restaurant)
Final PieceBought in 2022 (per Sun-Sentinel, March 2024) -- completing their assemblage around Cohen
Loan$45M secured in 2023 against the assemblage
ProjectLas Olas Ocean -- two 29-story towers, 500 condos, 373 hotel rooms, ground-floor retail
ArchitectKobi Karp (hired 2024)
Venues on BlockSpazio, Solluna, Blondies Sports Bar, Rock Bar, Cafe Ibiza
Stated Plan for Elbo Room"Everything redeveloped EXCEPT the Elbo Room" (Sun-Sentinel, March 2024)
Project StatusNo city approval found as of March 2026
The Wildcard
Yaari/Avidor need Cohen's corner to complete their block. Cohen is the holdout. If the megaproject gets city approval and moves forward, Cohen's leverage goes through the roof -- he becomes the one parcel blocking a billion-dollar development. If it stalls or dies, Cohen's best exit disappears and he becomes much more motivated to sell to us at a reasonable price. The megaproject's fate is the single biggest variable in what we'll pay.
Power Map
How the Three Parties Relate
JC
Cohen
Owns the dirt (0.24 acres)
Paid $7.1M in 2017
Wants 3-5x return
YA
Yaari & Avidor
Own the rest of the block (~4.5 acres)
$45M loan, megaproject pending
Need Cohen's parcel to complete
ER
Elbo Room (Us)
Tenant on Cohen's parcel
Sublease from Joyner expires Sept 2036
Want to buy the land
Cohen vs. Yaari/Avidor: Classic holdout. Cohen knows they need him. He's in no rush.
Cohen vs. Us: We're his tenant, not his threat. We can't force a sale. But we can make the property harder to redevelop (historic designation).
Us vs. Yaari/Avidor: Unclear if they're friend or foe. They publicly said they'd preserve the Elbo Room. But their megaproject changes everything about the block.
Deed Records
Official Transfer History
Pulled directly from Broward County Property Appraiser, Folio 504212010330. No transfer since Cohen's 2017 purchase.
Date Type Price Status
03/28/2017 Multi Special Warranty Deed $7,100,000 Cohen's Purchase
09/22/1983 Multi Warranty Deed $100 Nominal transfer
08/24/1983 Multi Warranty Deed $180,000 Penrod-era acquisition
Confirmed
No deed transfer since March 2017. Cohen still owns it. Yaari/Avidor have NOT acquired this parcel. The "final piece" they bought in 2022 was a different property on the block (likely 2933 Poinsettia, which sold for $9M in November 2023).
Tax Assessment
What Broward County Thinks It's Worth
$1.69M
2026 Just/Market Value
$294K
Land Value
$1.39M
Building Value
$33.5K
Annual Tax Bill
Year Land Building Just Value Tax
2026$294,000$1,393,200$1,687,200--
2025$206,010$1,393,200$1,599,210$33,523
2024$206,010$1,393,200$1,599,210$33,380
The Gap
The county assesses the property at $1.69M. Cohen paid $7.1M. The real market value is somewhere north of $12M. Tax assessments are meaningless for negotiation -- they reflect use value, not land speculation value. Don't let anyone cite the $1.69M number as evidence the property is "only worth" that.
Property Details
The Parcel
Address3001 E Las Olas Boulevard, Fort Lauderdale, FL 33316
NeighborhoodCentral Beach
Land Area2,940 sq ft (per BCPA land calc) / ~10,440 sq ft (per prior listing)
Building SF5,298 sq ft (adjusted)
Year Built1958 (effective year: 1965)
Property Use12-02: Mixed Store and Office
ZoningPRD - Planned Resort Development District
Legal DescriptionLas Olas by the Sea Re-Amen Plat 1-16 B, Lot 11, W1/2 Less S 20, M/L Forst Blk 3
The Number
What Would Cohen Actually Accept?
Based on his investment pattern, carrying costs, alternative buyers, and the megaproject variable.
Won't Even Respond
Under $12M
Less than 2x his basis. Insulting to a guy who gets 10x on Wynwood deals.
Gets His Attention
$13M - $15M
He picks up the phone. Still likely says no -- selling to us kills his leverage against Yaari/Avidor.
Realistic Deal Range
$15M - $17M
Possible IF: megaproject stalls, historic designation filed, and he's tired of dead capital. This is the target.
What Cohen Thinks It's Worth
$20M - $30M
If Yaari/Avidor need his parcel to complete a billion-dollar project, he'll hold out for developer premium.
The Key Variable
Everything depends on whether the Las Olas Ocean megaproject lives or dies. If it gets city approval and moves forward, Cohen will hold out for $25M+ from Yaari/Avidor. If it stalls -- it barely matters. Both leases expire in 2036. Cohen's carrying cost is ~$33K/year in taxes. He can wait ten years for unencumbered beachfront worth $20-30M. Without historic designation, patience IS his optimal strategy. The megaproject is a variable, but the designation is the lever.
Block History
How This Block Changed Hands
1938
Elbo Room opens. Corner of A1A and Las Olas.
1981
Jack Penrod buys the Elbo Room.
Also founded Nikki Beach Worldwide. Named for his late daughter.
1983
Penrod acquires the land ($180K).
Establishes the 100-year master lease (Joyner Family Partnership) still in effect today. Sublease to Penrod/Elbo Room follows in 25-year increments.
1990s - 2010s
Yaari & Avidor begin assembling the rest of the block.
Immigrated from Israel, started with T-shirt shops. Built "It's Better on the Beach" hospitality empire.
March 2017
Joseph Cohen buys the Elbo Room land for $7.1M.
Via Brooklyn 46th LLC. 10,440 sq ft at $670/sq ft. Ground leases remain in effect.
April 2017
Yaari & Avidor pay $32M for their portion of the block.
201-203 S Fort Lauderdale Beach Blvd + parking lot + restaurant.
2022
Yaari & Avidor buy their "final piece."
Completes their assemblage around Cohen's holdout parcel. Cohen NOT included.
2023
$45M loan secured. Las Olas Ocean project announced.
Two 29-story towers. Architect Kobi Karp hired. Yaari says Elbo Room will be preserved.
2026 (Now)
No evidence of city approval or groundbreaking.
Megaproject appears stalled or in pre-approval. This is good for us.
~2036
Both leases expire. The hard wall.
Master lease (Joyner) and sublease (Penrod/Elbo Room) both end September 30, 2036. No renewal option in Amendment No. 3. After this, Cohen has clean land. We must own it or leave.
Comparable Sales
Recent Transactions on This Block
Address Date Price Type
2918 Banyan St #1-4 08/07/2024 $1,800,000 Qualified Sale
2933 Poinsettia St 11/10/2023 $9,000,000 Excluded Sale (likely Yaari/Avidor "final piece")
3001 E Las Olas (our parcel) 03/28/2017 $7,100,000 Excluded Sale (Cohen purchase)

Note: "Excluded Sale" means the transaction was excluded from ratio studies -- typically non-arm's-length or bulk transactions. Both the Cohen and likely Yaari/Avidor purchases were strategic land plays, not market-rate transactions.

Sources
Where This Came From
Broward County Property Appraiser (BCPA) -- Folio 504212010330, deed history, tax assessments, land calculations. Accessed March 26, 2026.
Florida Division of Corporations (Sunbiz) -- Brooklyn 46th Florida LLC (M18000005823), The Cohen's Organization LLC (L13000010397). Filing details and registered agents.
The Real Deal (April 2017) -- "Fort Lauderdale Beach investors add to portfolio with $32M deal." Yaari/Avidor purchase and Cohen's $7M Elbo Room land purchase.
Sun-Sentinel (March 2024) -- "Upscale Las Olas Ocean megaproject would rise on prime corner of Fort Lauderdale Beach." Megaproject details, "final piece" 2022 purchase, Kobi Karp architect.
Sun-Sentinel (December 2018) -- "Giant development could come to Fort Lauderdale beachfront." Early megaproject coverage, traffic study details.
Marcus & Millichap -- Original listing details for 3001 E Las Olas ($7.75M asking, ground lease income characterization).
Amendment Number Three to Lease (Feb 8, 2012) -- Between Joyner Family Partnership, L.P. (Lessor) and Penrod family/Penrod's Elbo Room, Inc. (Lessee). Extends sublease term to September 30, 2036. Confirms lease structure, insurance requirements, casualty provisions.