Billionaire hedge funder nabs Faena unit for $20M

Dinan paid $4,228 psf for the 14th floor unit

TRD MIAMI /
Dec.December 08, 2015 09:45 AM

James Dinan (Credit: Forbes) and renderings of Faena House

Billionaire hedge fund manager James G. Dinan is joining other billionaires and hedge funders at the exclusive Faena House – Dinan paid $20 million for a unit, Miami-Dade County records show.

He bought unit 14A, a 4,730-square-foot residence with four bedrooms and six bathrooms. That puts the price per square foot at about $4,228. Dinan’s unit also features a 1,516-square-foot terrace, according to marketing materials. He financed the deal with a $10 million mortgage from Bank of America.

Dinan, the founder of York Capital Management, is worth an estimated $2.4 billion, according to Forbes. In 2010, he sold 33 percent of York to Credit Suisse for a reported $425 million. Dinan, a partial owner of the NBA’s Milwaukee Bucks, has homes in Manhattan; Westchester County, New York; Nantucket, Massachusetts; and in the Caribbean, according to a 2007 Bloomberg article.

The 18-story tower in Mid-Miami Beach has become a magnet for some of the world’s biggest financial risk-takers: Wall Street executives.

Billionaire Ken Griffin, CEO of investment company Citadel, paid $60 million for two penthouse units. Goldman Sachs Chairman and CEO Lloyd Blankfein paid $9.5 million for unit 8A; Craig Effron, co-founder of a multibillion-dollar hedge fund, paid $9.2 million for unit 6B; and from across the Atlantic, British billionaire Alan Howard paid $14.5 million for unit 4A.

Faena House marks the first of four planned oceanfront condo towers in the ultra-luxury project, which stretches from 3200 to 3500 Collins Avenue. The 42-unit, 18-story tower was designed by Foster + Partners.

Other buyers include Jose Fanjul Jr., Chuck Khubani, Alex Blavatnik and Mark Rachesky.


Related Article

arrow_forward_ios
Joseph Menaged (Credit: Facebook)

Father of this reality TV star allegedly laundered his son’s money through luxury real estate

Kim and Kanye take Miami? Couple buying condo at Faena House

NY developer Edward Minskoff is the latest wealthy buyer to list his Faena House condo

Former Saks CEO sells Faena House unit for nearly half off original ask

The week in luxury: A map of Miami-Dade’s priciest condo sales

Alex Blavatnik sells his Faena House condo

Art dealer Larry Gagosian flips Faena House PH for $12M

NY developer Joseph Moinian pays $12.5M for Leon Black’s Faena House unit

arrow_forward_ios