The Real Deal Miami

Leon Black lists Faena unit for $18.5M, negotiations underway

Billionaire originally paid $16.5 million for unit in September

May 09, 2016 05:20PM
By Sean Stewart-Muniz

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Faena House unit #9A

Faena House unit #9A

Billionaire Leon Black has put his Faena House unit back on the market for $18.5 million, and negotiations for a purchase are already underway.

As first reported by Bloomberg, unit 9A at the newly opened condo tower hit the market last week with an asking price of $3,911 per square foot.

The five-bedroom, six-and-a-half bathroom condo measures 4,730 square feet and has developer finishes like white Venetian terrazzo flooring and Thassos marble countertops. It’s being sold unfurnished.

Reached on his cell phone, listing agent Oren Alexander of Douglas Elliman told The Real Deal that the owner put the unit up for sale because he won’t be living in Miami. He also said negotiations for a possible sale are underway, though he declined to discuss further details.

“Most of the units at Faena House went into contract two to three years ago,” Alexander said.

He said a lot of things can change in that time frame, which is why Faena House now has four or five resales on the market today.

Alexander said the A line of the building — the same that Black’s unit sits on — is one of Faena House’s most coveted because each bedroom has unobstructed ocean views.

County records show Black, who founded private equity firm Apollo Global Management, closed his $16.5 million purchase of the unit in September 2015.

Forbes values Black’s net worth at $4.8 billion, making him 113th richest man in the U.S.

Although he’s selling his unit, Black was in good company during his tenure at Faena House. The ultra-luxe tower quickly gained a reputation for drawing wealthy buyers, especially financiers hailing from the Northeast.

The Faena House hoopla reached its zenith when hedge fund manager and billionaire Ken Griffin closed on his $60 million purchase of its two penthouse units — which were originally planned to be combined — and put them back on the market a few months later after for a combined $73 million.