The Real Deal Miami

NY developer Edward Minskoff is the latest wealthy buyer to list his Faena House condo

Minskoff is asking $16.5M for his apartment at Faena House in Miami Beach, which he bought for $15.3M in 2015 as a "impulse purchase"
November 17, 2018 09:40AM

Edward J. Minskoff listed his Faena House condo for $16.5 million (Credit: Wall Street Journal | Douglas Elliman)

New York-based real estate developer Edward J. Minskoff listed his apartment at the Faena House condominium in Miami Beach for sale with an asking price of $16.5 million, about 8 percent more than he paid in 2015.

Edward J. Minskoff

Minskoff is the latest in a series of wealthy individuals who have decided to sell units at Faena House, one of the most expensive condominiums in South Florida.

Minskoff told Mansion Global that his $15.3 million acquisition of the apartment was an “impulse purchase” that he now regrets, because he spends most of his time in New York City or Malibu, California, and spends little time in Miami. Minskoff also said he wants to sell his Faena House apartment quickly and would be content to sell it for the price he paid.

Mansion Global also reported investor Leon Black sold his Faena House condo last year for $12.5 million, which was $4 million less than he paid, and that art dealer Larry Gagosian sold a penthouse unit at Faena House in late 2017 for $12 million, nearly $1 million less than he paid.

Hedge fund manager Kenneth Griffin bought two units at Faena House for $60 million and recently took them off the market after listing them for sale for $73 million.

Many of the wealthy owners of Faena House condos bought them as investments and decided to resell them after the Miami-area condo market softened, according to Peter Zawleski, principal of Condo Vultures in Miami, a real estate consulting firm.

But Oren Alexander of brokerage firm Douglas Elliman, one of the listing agents for Minskoff’s condo, told Mansion Global that Faena House is performing better than other high-end condominiums and that the market has revived as wealthy New Yorkers seeking a more favorable tax treatment shop for Miami-area condos. [Mansion Global] – Mike Seemuth