The Real Deal Miami

New York investor Steven Witkoff sells Star Island property for $8.5 million

By Alexander Britell | February 29, 2012 06:00PM

Steven Witkoff and 35 Star Island Drive

Steven Witkoff, the president and founder of the New York-based Witkoff Group, has sold his property at 35 Star Island Drive in Miami Beach for $8.5 million, according to Douglas Elliman Florida, which handled the deal.

The buyer was an undisclosed limited liability company.

Witkoff’s Star Island property was one of two lots, 35 and 36 Star Island Drive, which were purchased together for $12.25 million by Rex II in February 2011. The 35 Star Island property had previously been listed for $10.5 million.

The deal was a management referral.

Rex II lists Witkoff as its manager, according to the Florida Division of Corporations.

The Witkoff Group is a real estate investment and management company.

“We’ve been involved behind the scenes in this market for a long time, and this year is our coming out,” said Vanessa Grout, CEO of Douglas Elliman Florida.

Elliman was involved in the February 2011 purchase as well.

Witkoff and New York’s Prudential Douglas Elliman recently partnered on the purchase of the International Toy Center building in Manhattan last summer.

Elliman is also helping to plan two of Witkoff’s condominium properties in the Big Apple.