Steve Witkoff nets $5M on Sunset Lake home flip

The real estate investor bought it for its underlying value in land-scarce Miami Beach

TRD MIAMI /
Jul.July 26, 2013 06:00 PM

2817 Lake Ave., Miami Beach

Real estate investor Steve Witkoff flipped a Sunset Lake mansion in Miami Beach for $14.75 million in July, netting more than $5 million profit after only 13 months of ownership and little to no improvements, brokers John Sandberg and Ann Nortmann of Douglas Elliman told The Real Deal.

Witkoff is the founder and chief executive of the Witkoff Group, which owns more than 20 buildings, including the Woolworth building in New York City.

“Witkoff is a brilliant guy: He’s got a chip in his head that sees value where others don’t. He bought the place for the land,” Sandberg said, describing a lot just shy of an acre and a 310-foot, oval-shaped waterfront.

“This documents the sudden uptick in land, as the house was purchased mostly for its land and development potential,” the brokers, who are also engaged, said in a release Friday.

The seven-bedroom, 10,296-square-foot home at 2817 Lake Ave. in Miami Beach was built in 1939, which means that it can’t be demolished under present city code on pre-1942 homes.

The buyers of the property are Randy and Lana Whitman, according to Miami-Dade public records. Mr. Whitman is the scion of Bal Harbour founder Stanley Whitman and an executive in the family business, which is jointly developing the gargantuan mixed-use Brickell CityCentre with Swire Properties in Miami.

The Whitmans had no comment, according to their broker, Jeff Davidson of Coldwell Banker. “It’s going to be fabulous,” Davidson said of the couples’ plan to remodel.

CORRECTION: A previous version of this article misattributed the identity of the buyers to Jeff Davidson.


Related Articles

arrow_forward_ios
From left: Adam Rubin, Farin Milligan, Nicholas Chatman, Tim Elmes, Addison Ruff, Mike Herstik and Niki Michopoulos

Compass poaches Tim Elmes of Coldwell Banker

Denise Rubin with the Aventura skyline

Berkshire Hathaway’s Denise Rubin jumps to Coldwell Banker

From left: Escada at Bal Harbour Shops, Pronovias on Miracle Mile, and The Casper Wake-Up on Lincoln Road.

New stores opening at Aventura Mall, Lincoln Road, Bal Harbour & more

Bal Harbour Shops, Matthew Whitman Lazenby, Erica English, Howard Friedberg and Michael Katz

Whitman scores $550M loan for Bal Harbour Shops

Lourdes Alatriste, Jill Hertzberg and Marc Hameroff with 41 Arvida Parkway (Credit: Realtor)

Coldwell Banker sues for unpaid commission on $26M Coral Gables auction sale

Unsubscribe! Resi brokerages sued over text message spam

Movers & Shakers: Top Boca producer leaves Coldwell Banker for Elliman & more

Coldwell Banker to replace One Sotheby’s at Metropica

arrow_forward_ios