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

Gagosian Gallery boss sold the 4,730 sf unit at a loss of nearly $1M

Apr.April 11, 2017 09:50 AM
Larry Gagosian and Faena House renderings

Renderings of Faena House. Inset: Larry Gagosian

It looks like Larry Gagosian’s Faena House penthouse didn’t hold its value.

The art dealer flipped the Miami Beach penthouse for $12 million, a loss of nearly $1 million since he closed on the unit about a year ago, property records show. 

Gagosian, who owns the Gagosian Gallery chain of art galleries in the United States, London, Paris, Rome, Athens, Geneva and Hong Kong, sold penthouse C at 3315 Collins Avenue to Stella South Beach LLC. The buyer lists the address of Miami law firm Pathman Lewis, LLP. No financing was recorded.

The 4,730-square-foot features four bedrooms and a 1,516-square-foot terrace. It sold for about $2,537 per square foot.

Gagosian isn’t the first Faena House owner to flip his unit at a loss during the market slowdown. Earlier this year, New York real estate developer Joseph Moinian and his wife Nazee bought billionaire Leon Black’s condo at Faena House for $12.5 million, a 24 percent discount from Black’s purchase price of $16.5 million.

Alan Faena developed the 18-story, 42-unit condo tower in 2015, and it sold out for more than $407 million. Buyers at the luxury tower include billionaire Ken Griffin, Goldman Sachs Chairman and CEO Lloyd Blankfein, hedge funder Craig Effron, Jose Fanjul Jr. and Alex Blavatnik. Griffin put his two penthouse units, which he bought in 2015 for $60 million, back on the market within months for a combined $73 million. Investor and former U.S. ambassador Paul Cejas, who paid $20 million for penthouse D, put his unit on the market in October for $33.9 million, a nearly 70 percent increase.

In all, the “Faena district” includes Faena Hotel, Faena Forum, Faena Bazaar and a parking garage. The Argentinian developer put his planned Versailles condo development on hold in October due to the floundering market.

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