Olnick Organization chief pays $7.8M for Miami Beach home

An entity led by the Olnick Organization’s Seth Schochet just paid about $7.8 million for a waterfront home on Allison Island in Miami Beach, property records show.

The 6,911-square-foot home at 6420 Allison Road traded hands for about $1,125 per square foot. The home, designed by noted architect Maurice Fatio, was built in 1936. It sits on a lot of nearly 30,000 square feet, with about 135 feet of waterfront.

Records show Schochet bought the Mediterranean-style home through the company 6420 Allison Road LLC.

Retired American antiques specialist Guy Bush and his wife Luz are the sellers. The couple paid $2.1 million for the property in 2001 and invested several million dollars in 2006 into renovating the interiors, including adding new kitchens and bathrooms, according to published reports.

The seven-bedroom, six-and-a-half bathroom home, once listed for $12.9 million, has been on and off market since 2013. EWM Realty International’s Nancy Batchelor’s team, consisting of Nancy and Simone Weissman, had the most recent listing. They listed it in October for about $8.5 million.

Last year, spec home developer Todd Michael Glaser sold a newly built waterfront home on the island for $10.9 million to guitarist and novelist Jeremy Wagner.

Schochet’s Olnick Organization is a New York-based real estate development and management firm. It’s in the midst of expanding and redeveloping its Lenox Terrace project in Harlem. In 2015, several tenants in the development alleged that the firm had illegally raised rents in the rent-stabilized apartments.