Investment manager pays $8M for Continuum condo in South Beach

Jay G. Goldman bought the waterfront unit for $3,149 psf

Jan.January 30, 2019 01:30 PM

The Continuum in South Beach and Jay G. Goldman

A New York investment manager bought a condo in the Continuum South Beach for $7.9 million, signaling the growing trend of wealthy Northeasterners buying luxury real estate in South Florida.

Jay G. Goldman, who founded J. Goldman & Co. in 1986, bought the 2,508-square-foot unit 3304 at 100 South Pointe Drive in Miami Beach for $3,149 per square foot. Goldman purchased the condo from attorneys Barry Cooper and Stuart H. Smith.

Prior to founding his own firm, Goldman worked for Drexel Burnham Lambert and Lehman Brothers.

The waterfront condo has three bedroom and three bathrooms.Oren Alexander of Douglas Elliman and Keith Marks of Brown Harris Stevens Miami brokered the deal.

Cooper and Smith, who are married, had paid $1.5 million for the unit in 2009, records show.

Wealthy hedge fund managers and Northeast investors are increasingly buying luxury real estate in South Florida to establish permanent residency in Florida. President Trump’s tax plan limited deductions for state and local income taxes, which has caused wealthy people in Connecticut, New York and New Jersey to move to Florida, where there is no state income tax.

The Continuum, at 50 and 100 South Pointe Drive, was developed by Ian Bruce Eichner’s Continuum Company in the early 2000s.

In 2015, Eichner listed a Continuum penthouse he owned for $50 million. He re-listed it in 2018 for $48 million.

In 2017, Giovanni “John” LiDestri, the CEO of a pasta sauce manufacturer, sold his 2,900-square-foot condo at the luxury development for $10 million, or about $2,170 per square foot. A New York hedge fund manager also sold two units in 2017 on the 34th floor of the south tower for $10 million, or $2,100 per foot.

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