The Real Deal Miami

Rene Dahdah buys $9.6M Park Avenue pad in NYC

Owner of former Fox's Sherron Inn bought at 1,396-foot-tall 432 Park

April 08, 2016 05:45PM
By Ina Cordle

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Rendering of 432 Park

Miami real estate investor Rene Dahdah just paid $9.646 million for a condo at New York’s tallest tower, using a Virgin Islands-based shell company.

Dahdah picked up unit 50B at 432 Park, developed by CIM Group and Macklowe Properties. The buying entity is 432mm Park LLC, whose owner is listed as Las Gemas Properties Ltd. in the deed.

Las Gemas and Dahdah are also linked to 7782 Group LLC. Both LLCs have the same address, a Palmetto Bay home at 8482 Southwest 137th Street. Miami-Dade property records show that Dahdah and his wife Lourdes paid $795,000 for the house in 2005.

In September 2015, Dahdah sold Doral Professional Center — home to a churrascaria and three soccer fields — for $6 million. He had purchased the center, at 7910 Northwest 25th Street, for $3.1 million in 2009. The two-story office building with 22,651 square feet of interior space was built in 1992 and occupies a three-acre lot.

Dahdah is also the owner of the former Fox’s Sherron Inn at 6030 South Dixie Highway in South Miami, which closed in July. His plans are reportedly to raze the lounge in favor of a new development, such as a hotel or mixed-use residential project.

The new 1,396-foot-tall 432 Park received its certificate of occupancy in November. At that time, 70 percent of the building’s 106 units were in contract, and the remaining apartments were priced between $16.95 million and $76.5 million. The tower’s priciest unit overall, a $95 million penthouse, sold to Saudi Arabian retail magnate Fawaz Al Hokair.

Last month, Jacob “the Jeweler” Abrabov closed on a $16.675 apartment in the tower and Qatari diplomat Nassir Abdulaziz Al-Nasser paid $16.2 million for a three-bedroom unit on the 51st floor. 432 Park was designed by architect Rafael Viñoly, who is also designing One River Point in Miami.