The Nakash family, whose brothers Joe, Avi and Ralph launched the Jordache Jeans empire in 1969, have purchased a luxury hotel on Miami Beach.
The Setai Miami Beach hotel, where the family already owns some 15 suites, was sold to Nakash Holdings for a reported $90 million. Boasting 120 rooms, the art deco hotel was built in the 1930s as the Dempsey Vanderbilt Hotel. After a major 2004 facelift, it is still one of the most prestigious hotels in Miami, commanding a per-room purchase price of $750,000, according to the The Miami Herald.
The Nakash brothers were born in Mandatory Palestine (which became the new State of Israel) in the 1940s to a destitute Syrian Jewish family. Oldest brother Joe emigrated to the United States in 1962 and worked as a stock boy until he saved enough money to bring his siblings to New York City in 1966.
In 1969 the brothers opened a shop in Brooklyn and began selling irregular jeans. After a 1977 fire destroyed their inventory, the Nakash family used the insurance claim to fund their own jeans label, Jordache. With sexy high-profile advertising flogging their designer jeans, the brothers became multimillionaires.
In the last decade the brothers have diversified their holdings and began concentrated real estate acquisitions in major US cities and in Israel, including residential projects and hotels.
According to The New York Post, the Setai bloc is composed of two buildings: the eight-story, 80-room luxury hotel which Nakash holdings purchased, and a 40-story oceanfront high-rise condo tower with 163 luxury units that is not part of the deal.
Jonathan Bennett, Nakash’s managing director, told The Wall Street Journal that the family is buying “a jewel.”
“When it came up for sale, it made a lot of sense for us,” he said.
““We’re going to continue to seek out these kinds of opportunities and add to our portfolio as they come along,” Bennett told The Miami Herald. “The Setai is really the crown jewel of Miami Beach.”