London family rents Khubani-owned unit at Faena House for record $70K

Most expensive resi rental is $80K for mansion on La Gorce island

TRD MIAMI /
Nov.November 02, 2016 04:45 PM

A London-based family now has the keys to Chuck Khubani’s Faena House unit for $70,000 a month, a record for condo rentals in Miami-Dade County. 

Ashok “Chuck” Khubani, the founder and CEO of Ontel Products and brother of AJ Khubani, was asking $82,500 for his 4,730-square-foot, four-bedroom unit. He inked a seven-month lease, effective Tuesday, with the renters, represented by Ashlea Gershfield-Evans from Prestige Realty Group. Kayce Driscoll of Douglas Elliman represented the owner, Ask Florida LLC.

The lease term totals $490,000 for the seven-month period.

“They wanted the best Miami has to offer,” Tony Rodriguez-Tellaheche, broker and co-founder of Prestige Realty Group, told The Real Deal. He said the family, whom he declined to disclose, was willing to spend up to $100,000 a month.

Records show the Khubani-controlled LLC paid $18.5 million for unit 10A about a year ago. Khubani founded Ontel in 1994. It sells items like the Iron Wonder, dryer balls, microfiber cloths, the Swivel Sweeper and Pillow Pets.

The rental rate is the most expensive in Miami-Dade County for condos, followed by $55,000 for unit 1005 at Il Villagio, 1455 Ocean Drive, according to MLS data. Including single-family homes, the Faena House unit is the third most expensive rental. First is the house at 64 La Gorce Circle, which is being rented for $80,000 a month, followed by the house at 227 East Dilido Drive, which is being rented for $75,000 a month. 

Rentals of multimillion-dollar condos in South Beach are easily listed in the $30,000-range, TRD previously reported. At Faena House, units next in line are available for $40,000 (unit 5B, owned by Fair Properties LLC) and $35,000 for unit 8C, owned by Jose Fanjul Jr., Rodriguez-Tellaheche said.

Prestige Realty Group often works with United Kingdom-based buyers because co-founder/owner Christopher Hodgson splits his time between London and Miami, Rodriguez-Tellaheche told TRD.

Here are photos of the Faena House unit:


Related Articles

arrow_forward_ios
Joseph Menaged with his units at Faena House and One57 (Credit: Facebook, Redfin, StreetEasy)

Father of “Property Wars” star pleads guilty to bank fraud

Father of “Property Wars” star pleads guilty to bank fraud
Map of priciest condo sales and Faena House unit 5D (Credit: Google Maps)

Faena House trade tops weekly condo sales in Miami

Faena House trade tops weekly condo sales in Miami
Joseph Menaged (Credit: Facebook)

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

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

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

Kim and Kanye take Miami? Couple buying condo at Faena House
Edward J. Minskoff

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

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

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

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

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

The week in luxury: A map of Miami-Dade’s priciest condo sales
Alex Blavatnik sells his Faena House condo

Alex Blavatnik sells his Faena House condo

Alex Blavatnik sells his Faena House condo
arrow_forward_ios

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

Loading...