The Real Deal Miami

Alex Blavatnik sells his Faena House condo

Paid $11.75M for it in 2015, wanted $16M

Alex Blavatnik and the Faena House (Credit: Getty Images, Zoltan Prepszent of Lux Hunters)

Alex Blavatnik, brother of energy billionaire Len Blavatnik, just sold his condo at Faena House for $13 million.

Blavatnik’s ABF6A LLC sold unit 6A at the 18-story luxury condo building at a nearly 19 percent discount off the original $16 million ask. Douglas Elliman’s Oren Alexander represented the seller, and Elena Bluntzer of One Sotheby’s International Realty represented the buyer. Both declined to comment on the buyer’s identity.

Blavatnik, executive vice president of Access Industries, paid $11.75 million for the four-bedroom, 4,730-square-foot unit at 3315 Collins Avenue in September 2015. He reduced the price from $16 million to $14.5 million in April.

Blavatnik has a close connection to the building. His brother, Access Industries billionaire Len Blavatnik, was developer Alan Faena’s business partner on Faena House. Alex Blavatnik is also investing in projects in North Beach.

Two months after closing on unit 6A, he spent $11.55 million to buy unit 5A.

In January, New York real estate developer Joseph Moinian and his wife Nazee bought billionaire Leon Black’s Faena House condo, unit 9A, for $12.5 million, a 24 percent discount from Black’s purchase price of $16.5 million. A few months later, art dealer Larry Gagosian sold his penthouse in the building for $12 million, a loss of nearly $1 million.

Douglas Elliman’s Alexander said the $13 million deal marks the highest condo resale in Miami Beach in 2017, beating out Black’s $12.5 million resale from January.

“It’s [unit 6A] three floors lower, and we got half a million dollars more,” he said. “Values are going up.”