A 420 percent profit on an investment made less than five years ago persuaded the owner of South Beach landmark David’s Cafe to shut its doors earlier this year, a broker involved in the sale told the Daily Business Review.
The Gonzalez family, which operated the restaurant since 1977, decided to pack up the Cuban sandwich presses when New York investor Gideon Asset Management offered $9.89 million for the restaurant at 1058 Collins Ave. The Gonzalezes paid $1.9 million for the real estate in 2009, exercising a purchasing option included in a 2001 lease agreement with the previous owner, Nash Investment Co.
