Alan Manocherian buys Venetian Islands property for $8M

Miami /
Jun.June 13, 2016 09:49 AM

A member of the Manocherian family paid about $8 million for an older waterfront home on Miami Beach’s Venetian Islands. 

Alan and Nancy Manocherian bought the 4,700-square-foot home at 28 West San Marino Drive. The New York-based family is among the Persian families who rose to prominence in New York real estate during the 1970s.

Venetian Marino Investments LLC, a company controlled by Miami investor Hubert Weisslinger, sold the 12,900-square-foot property. Based on land value, the lot sold for about $620 per square foot.

Julian Johnston of Calibre International Realty brokered the deal, according to a press release. Johnston declined to name the buyers, but said they plan to improve the property. The home was on the market for $10.95 million and offers 103 feet of water frontage, according to Zillow.

It last sold for $3.83 million in 2009. The two-story home, built in 1930, includes six bedrooms and six bathrooms.

A number of new homes, owner-developed and built on spec, have been popping up in the Venetian Islands, an area increasingly attractive to investors, spec home builders and hedge funders. Euroamerican Group is moving forward with its plans to build a new five-story apartment building on one of the longest bayfront lots on the Venetian Islands, and in Miami Beach overall.


Related Articles

arrow_forward_ios
Long Light Capital's Justin Korsant with 45 East Dilido Drive (Getty, Mike Ruiz)
Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf
The Federated Companies founder and chairman Jonathan Cox with 515 East Dilido Drive (LinkedIn, Douglas Elliman)
Health care COO buys waterfront Venetian Islands home for $19.5M
Health care COO buys waterfront Venetian Islands home for $19.5M
Emilio and Gloria Estefan with 444 West Rivo Alto Drive (Getty, Redfin)
Gloria and Emilio Estefan sell waterfront Venetian Islands home
Gloria and Emilio Estefan sell waterfront Venetian Islands home
Crisp CEO Are Traasdahl and Sirissima founder Siri Willoch Traasdahl with 25 East Rivo Alto Drive in Miami Beach (LinkedIn, Brand-Innovators, Julian Johnston)
Tech CEO and designer sell their waterfront Venetian Islands home for record $31.5M
Tech CEO and designer sell their waterfront Venetian Islands home for record $31.5M
40 West Rivo Alto Drive (Redfin/Daniel and Hillary Hertzberg of Coldwell Banker Realty)
Spec home developer sells waterfront Venetian Islands house for $24M
Spec home developer sells waterfront Venetian Islands house for $24M
Owners of custom app startup Zudy buy waterfront Venetian Islands property
Owners of custom app startup Zudy buy waterfront Venetian Islands property
Owners of custom app startup Zudy buy waterfront Venetian Islands property
Software CEO flips waterfront Venetian Islands home for $19M
Software CEO flips waterfront Venetian Islands home for $19M
Software CEO flips waterfront Venetian Islands home for $19M
Barry Sternlicht and the Standard Spa, Miami Beach (Getty, The Standard)
Barry Sternlicht buying The Standard hotel in Miami Beach: sources
Barry Sternlicht buying The Standard hotel in Miami Beach: sources
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...