Jay Schottenstein buys Ritz-Carlton, Miami Beach condo for $18M

Fast fashion titan Jay Schottenstein bought a second unit at Ritz-Carlton Residences, Miami Beach for $18 million in an off-market deal.

RC Lakehouse LLC, led by Miami businessman and health care trial attorney John Ruiz, sold unit 406 at 4701 North Meridian Avenue to an entity managed by Schottenstein. The condo spans 10,000 square feet with about 8,000 square feet of exterior space. It was delivered raw, which means Schottenstein would have to finish the unit.

Schottenstein is CEO and executive chairman of American Eagle Outfitters. He is a scion of the Columbus, Ohio-based Schottenstein retail dynasty, and also oversees Schottenstein Stores Corporation, American Signature, Designer Brands, Albertsons Companies and SB360 Capital Partners. 

Schottenstein family members have become prominent players in South Florida’s real estate market. Led by Corey Schottenstein, Schottenstein Real Estate Group sold a waterfront spec mansion in Palm Beach to James Dinan for $49.1 million in 2021. David Deshe, another Schottenstein heir, sold his non-waterfront Miami Beach home for $8.4 million in October. 

Lionheart Capital’s Ophir Sternberg is listed as a manager of the seller’s LLC. Miami-based Lionheart Capital developed the Ritz-Carlton Residences, Miami Beach. Sternberg and his former business partner, Ricardo Dunin, split after the project was completed, and after an investment they shared went awry in Nicaragua. Sternberg bought out Dunin, who later launched Oak Capital.

Sternberg has teamed up with Ruiz on other ventures. Ruiz’s MSP Recovery, which specializes in health care reimbursement recovery, merged with the blank check company Lionheart Acquisition Corp. II in 2021. The combined company is now called LifeWallet.

Ruiz sold a waterfront Gables Estates mansion in Coral Gables for $30 million in January, after buying the waterfront mansion next door for $22 million in October. 

Records show a Lionheart affiliate sold the Ritz-Carlton Residences unit to RC Lakehouse LLC for $11 million in 2021.

The eight-story Ritz-Carlton Residences, Miami Beach includes 111 condos and 15 standalone villas. Lionheart Capital and New York-based Elliot Management Corporation completed the building in 2019, after initial plans to deliver it in 2017. Amenities in the building include a spa, art studio, movie theater and marina.

Schottenstein bought a penthouse in the building for $6.5 million in 2019. Among other high-profile unit owners, Black Lion’s Robert Rivani bought a penthouse for $7.5 million in May. Members of the Witkoff family bought units in the building for a combined $11 million in 2021.