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: