The Real Deal Miami

Coastal Construction scion sells Miami Beach home to Reed Smith partner for $9.6M

Waterfront mansion sold for a 26% discount off the original asking price
By Katherine Kallergis | August 03, 2017 12:00PM

5045 Lakeview Drive in Miami Beach

Tom Murphy

Coastal Construction’s Tom and Suzanne Murphy just sold their waterfront Miami Beach home to a partner in a New York City law firm for $9.6 million, property records show.

Reed Smith attorney Constantine Karides and his wife, Angela, purchased the property at 5045 Lakeview Drive. The Murphys, of the Coastal Construction family, listed the mid-century mansion at 5045 Lakeview Drive for $12.9 million last year with Coldwell Banker’s The Jills. It sold for a 26 percent discount off the original asking price.

A Redfin listing shows the Jills reduced the price to $11.4 million in June.

Tom is co-president of the construction firm and Suzanne is project manager. They could not immediately be reached for comment. Bobby Jones of Compass represented the buyers.

Constantine Karides is a partner in the law firm’s financial industry group, according to Reed Smith’s website.

Records show the Murphys paid $2.8 million for the home in 2012. That means they sold it for more than three times what they paid five years ago.

The couple renovated the 8,300-square-foot, six-bedroom house in 2014 with white marble floors, Calacatta Gold marble countertops in the kitchen and modern appliances. It sits on a 33,150-square-foot lot with a dock, waterfront pool and staff quarters.

Coastal Construction, one of the most active general contractors in South Florida ranked No. 2 on The Real Deal’s ranking of firms by number of employees.