The Real Deal Miami

Bond manager pays $9.4M for condo at Oceana Bal Harbour

Fidelity portfolio manager handles $23B in mutual funds
By Katherine Kallergis | December 30, 2016 10:30AM

Rendering of Oceana Bal Harbour. Inset: Mark Notkin and developer Eduardo Costantini

Boston-based portfolio manager Mark Notkin and his wife Kimberly paid $9.4 million for a condo at Oceana Bal Harbour.

Records show the Notkins bought unit 1707S at Oceana, a 28-story, 240-unit luxury condo development at 10201 Collins Avenue. No financing was recorded.

Mark Notkin is a portfolio manager at Fidelity Investments, where he’s worked since the early 1990’s, according to his LinkedIn profile. He manages $23 billion in mutual funds, and has been described by Bloomberg the “best junk bond manager.” His $9.7 billion Fidelity Capital & Income Fund has outperformed all others over the past decade, the publication said earlier this year.

The Notkins are based in Needham, Massachusetts, but records show they’ve owned a unit at the St. Regis Bal Harbour since 2011. That condo is not on the market.

Oceana Bal Harbour, developed by Eduardo Costantini‘s Consultatio, has an estimated $1.3 billion sellout, which would set a record in South Florida. The project would beat out Oceana Key Biscayne, also developed by Consultatio, which generated nearly $580 million in recorded closings.

Records show 71 units have closed at Oceana Bal Harbour since it opened in November. Owners include Accenture managing director Paul Rakowski and Estee Lauder Companies vice president Amy DiGeso, and NetApp vice chairman Tom Mendoza, as well as a list of foreign buyers.

Oceana Bal Harbour was designed by Arquitectonica, and has four upper penthouses, two of which were under contract for $26 million each earlier this year. Piero Lissoni designed the interiors, the private restaurant and the penthouse bathrooms. Enzo Enea designed the pool deck landscape.

The 5.5-acre site was formerly known as the Bal Harbour Beach Club before Consultatio purchased it in 2012 for $220 million. A year later, the developer closed on a $332 million construction loan from a group of lenders led by HSBC.