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The Real Deal Miami

Steven Witkoff sells second Star Island property in less than a month

By Alexander Britell | March 28, 2012 06:00PM

Witkoff sold both lots in less than a month

New York investor Steven Witkoff has sold his lot at 36 Star Island Drive in Miami Beach for $8.5 million, less than a month after he sold the adjacent 35 Star Island property for an identical price, The Real Deal has learned.

The property was purchased by an undisclosed buyer late Tuesday night.

It was not the same buyer as the initial property, which was purchased by a limited liability company, according to Douglas Elliman Florida.

“This lot was sold 10 days after it was listed,” said Vanessa Grout, CEO of Douglas Elliman Florida, which had the listing through a management referral.

“Star Island continues to be a major focal point of the luxury market,” she said. “There is low inventory, and that’s because of incredible demand right now in the luxury side of the market.”

Witkoff, the president and founder of the New York-based Witkoff Group, owned both lots through a limited liability company called Rex II, whose address is listed as 220 East 42nd Street in New York City.

Witkoff could not be reached for comment.