The Real Deal Miami

Mount Sinai sells Hibiscus Island teardown for $12M

Buyer plans to build two new homes on the waterfront property
By Katherine Kallergis | September 27, 2018 06:15PM

Natalia Gryczynska, Eloy Carmenate, Mick Duchon and Alejandro Diaz-Baza and 320 South Hibiscus Drive

Mount Sinai Medical Center Foundation just sold a waterfront property on Hibiscus Island in Miami Beach for $11.6 million to an investor who plans to build two homes on the lot.

The triple-lot property at 320 South Hibiscus Drive, which includes a home built in 1952, sold to 320 South Hibiscus Drive LLC on Thursday, according to the agents involved in the deal. Eloy Carmenate and Mick Duchon of Douglas Elliman were the listing agents, while Elliman’s Natalia Gryczynska and Alejandro Diaz-Bazan represented the buyer.

Records show the buying entity is managed by Daniel Tzinker of Bay Harbor Islands. Tzinker is founder of Tzinker International, a real estate brokerage.

The deal marks the second-highest sale for land on Hibiscus and Palm islands since 2014, when 191 North Hibiscus Drive sold for $14.3 million, Diaz-Bazan said.

A handful of spec homes on Hibiscus Island have hit the market in recent years. In 2016, Jose Luiz Depieri, vice chairman of Brasil Pharma SA, paid $13.6 million for the waterfront home at 151 North Hibiscus Drive.

Mount Sinai inherited the property from the estate of the previous owners, Herbert and Yvette Kern. Carmenate and Duchon listed the home earlier this year for nearly $14 million. They agreed to a reduced commission as part of the deal, according to a release.

Mount Sinai is set to complete a $275 million expansion of the Miami Beach campus by the end of this year, according to Miami Today. The nonprofit hospital is also opening an emergency department in Hialeah.