Stonerock's Two Downtown Miami Towers Face $65.7M Foreclosure

A Miami-Dade judge has entered a $65,747,591.43 stipulated final judgment of foreclosure against the entity that owns two downtown Miami office towers, and the county’s auction calendar has the properties set to sell Tuesday, September 16. The public listing withholds the address and lists the collateral only as “MULTIPLE PARCELS.” The Miami-Dade Clerk’s civil docket for case 2024-017049-CA-01 identifies the actual property: 44 W Flagler Street, the 25-story tower known as 44 West, and the adjoining 200 SE 1st Street building, both owned by SRCTD 44-200 LLC and tied to Stonerock Capital Partners.

Why it matters

This is an assemblage default, not a single-building story. SRCTD 44-200 LLC and co-owner FS Equity Investments II LLC bought both buildings from Brickman Associates affiliates in one bulk transaction on May 6, 2022, paying $28.35 million apiece, a combined $56.7 million. The judgment plaintiff, AFF IV 200 Miami LLC, now holds a claim nearly $9 million larger than what the owners paid three years ago, before interest and fees are counted against the buildings’ 2026 combined assessed value of roughly $50.2 million. Stonerock’s CEO, Yaakov Jake Handelsman, is named as a defendant alongside Andrew Avi Greenbaum and Jeremy B. Becker; Baruch Manies, Fred Schwartz and Susan Hoffman of FS Equity Investments are named separately. SRCTD 44-200 LLC tried and failed to stay the sale pending appeal, with the court denying that motion on July 9.

The numbers

44 West totals 176,292 square feet, was built in 1974 and is anchored by First Horizon Bank. The 200 SE 1st Street building adds 150,530 square feet of office, ground-floor retail and data center space, for 326,822 square feet combined. The Property Appraiser puts 2026 market value at $24.9 million for 44 West and $25.3 million for 200 SE 1st. The case was filed September 6, 2024, and Judge Joseph D. Perkins entered the stipulated judgment June 11, 2026, recorded at Official Records Book 35351, Page 4170.

What’s next

The September 16 sale has already survived one continuance from a July 20 date and an unsuccessful stay motion, so a further delay is possible but the docket currently shows no pending order to cancel it. For South Florida office watchers, the outcome tests whether a downtown Flagler Street assemblage anchored by a national bank tenant draws a credit bid from the lender or a third-party buyer willing to pay above the combined assessed value. Either way, the sealed listing on the county’s own calendar means the only way to know what actually sold Tuesday will be to check the clerk’s docket again after the gavel falls.