The Real Deal Miami

Billionaire hedge funder nabs Faena unit for $20M

Dinan paid $4,228 psf for the 14th floor unit

December 08, 2015 09:45AM
By Katherine Kallergis

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James Dinan (Credit: Forbes) and renderings of Faena House

James Dinan (Credit: Forbes) and renderings of Faena House

Billionaire hedge fund manager James G. Dinan is joining other billionaires and hedge funders at the exclusive Faena House – Dinan paid $20 million for a unit, Miami-Dade County records show.

He bought unit 14A, a 4,730-square-foot residence with four bedrooms and six bathrooms. That puts the price per square foot at about $4,228. Dinan’s unit also features a 1,516-square-foot terrace, according to marketing materials. He financed the deal with a $10 million mortgage from Bank of America.

Dinan, the founder of York Capital Management, is worth an estimated $2.4 billion, according to Forbes. In 2010, he sold 33 percent of York to Credit Suisse for a reported $425 million. Dinan, a partial owner of the NBA’s Milwaukee Bucks, has homes in Manhattan; Westchester County, New York; Nantucket, Massachusetts; and in the Caribbean, according to a 2007 Bloomberg article.

The 18-story tower in Mid-Miami Beach has become a magnet for some of the world’s biggest financial risk-takers: Wall Street executives.

Billionaire Ken Griffin, CEO of investment company Citadel, paid $60 million for two penthouse units. Goldman Sachs Chairman and CEO Lloyd Blankfein paid $9.5 million for unit 8A; Craig Effron, co-founder of a multibillion-dollar hedge fund, paid $9.2 million for unit 6B; and from across the Atlantic, British billionaire Alan Howard paid $14.5 million for unit 4A.

Faena House marks the first of four planned oceanfront condo towers in the ultra-luxury project, which stretches from 3200 to 3500 Collins Avenue. The 42-unit, 18-story tower was designed by Foster + Partners.

Other buyers include Jose Fanjul Jr., Chuck Khubani, Alex Blavatnik and Mark Rachesky.