Star Island property returns to the market – at a discount

A development site on Miami Beach’s Star Island is back on the market at a reduced price.

Shay Kostiner is relisting the 48,266-square-foot lot at 44 Star Island Drive for $18.4 million, marking a $5.6 million cut from its original asking price of $24 million about two years ago, and about a $1 million reduction from its most recent price of $19.44 million.

Kostiner, who was formerly managing director of Fifth Ave Capital Partners, hired Techrin Hijazi of William Raveis Real Estate and Lourdes Alatriste, a partner at Engel & Völkers, to list the property.

Star Island is home to celebrities and ultra wealthy business people in South Florida, including Gloria and Emilio Estefan, Sean “Diddy” Combs, Phillip and Patricia Frost, Lennar Executive Chairman Stuart Miller, DenTek Oral Care founder John Jansheski, and Gerald and Joan Robins.

Kostiner’s property features 209 feet on the water and comes with approved plans for a 20,000-square-foot mansion with an eight-car garage and pools fronting the water and on the rooftop. Kostiner secured city of Miami Beach approvals for the property, designed by Spanish architect Ricardo Bofill, in 2016. He paid $7.25 million for the 1935 house in 2010 and later knocked it down.

Alatriste said Hijaze, who is based in Naples, will focus on finding a buyer from the Northeastern U.S., while Alatriste will market the property to her clients around the world. The co-listing agents will host an event on Star Island next week to launch the property.