The Real Deal Miami

Former Saks CEO sells Faena House unit for nearly half off original ask

CEO of Dine Brands Global paid $8M for the four-bedroom, 4,165 sf unit
By Keith Larsen | June 28, 2018 12:30PM

Stephen Sadove, Faena House

The former CEO of Saks just sold a condo at Faena House for $7.9 million, nearly half of its original asking price.

Fair Properties LLC, which is managed by Stephen Sadove, sold the 4,165 square-foot condo at 3315 Collins Avenue in Miami Beach to Stephen Joyce and Zahra Karsan, according to property records. Joyce is the CEO of Dine Brands Global, the operator of the Applebee’s and IHOP franchises, while Karsan is a wellness and life coach.

Joyce and Karsan paid about $1,900 per foot for the four-bedroom unit, which includes a 1,301-square-foot balcony.

Sadove, who was CEO of Saks from 2006 to 2013, bought the condo from the developer for $8.1 million in September 2015 and then tried to flip it for $14.5 million, or about $3,500 per square foot, the same month he closed on the unit.

Sadove is one of many high-profile buyers who have tried to flip their condos at the ultra-luxury 42-unit building developed by Alan Faena and Len Blavatnik. The 18-story tower was built in 2015 and sold out for more than $407 million.

Billionaire hedge fund manager Ken 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 his penthouse unit, listed the condo 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.