Keith Menin buys North Bay Road home for a big discount

Bayfront mansion hit the market in 2015 for $27.5M

Aug.August 29, 2019 10:30 AM
Nelson Gonzalez and Keith Menin with 2318 North Bay Road

Nelson Gonzalez and Keith Menin with 2318 North Bay Road

Hotelier Keith Menin paid just over $12 million for a bayfront mansion in Miami Beach, roughly a year after buying another home in the Venetian Islands.

Property records show Stuart Browning, founder of Embarcadero Technologies, an IT company based in San Francisco, sold the eight-bedroom, nearly 15,000-square-foot mansion at 2318 North Bay Road. 2318 NBR LLC, led by the Menin Hospitality principal, paid $12.14 million for the property.

Browning paid $3.5 million for the 24,860-square-foot lot in 2004 and later built the house in 2009, according to property records.

The home hit the market for $27.5 million in December 2015, which means it sold at a 56 percent discount off the original ask. It was most recently listed for $16.9 million.

Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty brokered both sides of the deal, according to Zillow.

The sale closed just over a year after Menin paid $8.68 million for a waterfront, six-bedroom mansion at 815 East Dilido Drive. Last year, Menin and his wife also sold a waterfront property at 241 East San Marino Drive in Miami Beach for $12 million.

Menin and his cousin and managing principal Jared Galbut lead Menin Hospitality, a Miami-based firm that runs the Gale South Beach, Mondrian South Beach and the Shelborne South Beach, among other hotels.

Related Articles

Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

The LaLanne exhibit at The Real Deal’s event in October

Michael Shvo to unveil tropical gardens with LaLanne exhibit at the Raleigh

Jared Galbut and Keith Menin are majority owners of Bodega Taqueria y Tequila  

Holy guacamole: Jared Galbut and Keith Menin sued over South Beach taco bar and nearby pizzeria

Thomas O’Reilly, John Marshall, Ivan Chorney and Michael Martirena with Continuum North unit 1402/03 (Credit: Douglas Elliman and LinkedIn)

Tech entrepreneur sells Continuum unit to Neuberger Berman exec

Daily Digest Miami

Missoni Baia lands massive loan, Babylon Brickell owner sells Overtown property: Daily digest

Miami Beach loosens regulations for real estate developers and small businesses

Miami Beach relaxes rules on development, pools, restaurants

Rendering of Urbin Coconut Grove and Rishi Kapoor

Co-living venture Urbin expanding to Miami Beach

David Beall and 303 East Dilido Drive (Credit: LinkedIn, Relator, and iStock)

Pinkberry franchisee lands sweet deal for Venetian Islands home