The Real Deal Miami

Hedge funder spends $9.2M on Faena House unit

5,466 sf unit has at least four bedrooms and five bathrooms

October 06, 2015 01:00PM
By Katherine Kallergis

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Craig Effron and a rendering of Faena House

Craig Effron and a rendering of Faena House

Another hedge fund executive has purchased a unit at the newly completed Faena House, Miami-Dade County records show.

Craig and Caryn Effron paid $9.2 million for unit 6B. Craig Effron co-founded Scoggin Capital Management, a multibillion-dollar hedge fund, and is currently a principal at S&E Partners. Their unit features at least four bedrooms and five bathrooms. It has 4,165 interior square feet and 1,301 exterior square feet, according to Faena’s website.

In September, a penthouse sold for $60 million, a price that breaks all residential records in the Miami area. That sale was tied to Kenneth Griffin, a billionaire hedge fund manager.

Since the condominium was completed, about half of the building’s 42 units have been sold, Faena Group’s Alicia Goldstein told The Real Deal. Faena House began recording closings on Sept. 3.

Reported early buyers have included Apollo Global Management co-founder Leon Black, Goldman Sachs Group CEO Lloyd Blankfein and art dealer Larry Gagosian.

Blankfein and his wife, Laura, paid $9.5 million for unit 8-A. Other buyers include Jose F. Fanjul Jr., of Fanjul Corp., a major player in the United States’ sugar industry, Mark Rachesky, the chairman of Lions Gate Entertainment, and investment manager Brian Kwait.

Faena House marks the first of four planned oceanfront condo towers in the ultra-luxury project, which stretches from 3200 to 3500 Collins Avenue in Miami Beach. The tower was designed by Foster + Partners and includes amenities such as a gym, spa, pools, underground garage and a beach club.