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Junk bond manager sells Bal Harbour condo at a loss
Mark Notkin is a portfolio manager at Fidelity Investments
An investment manager who was called the best junk bond manager of the last recession sold his South Florida condo at a loss.
Mark Notkin, a portfolio manager at Fidelity Investments, and his wife Kimberly Notkin, sold unit 1701 at Oceana Bal Harbour for nearly $8.5 million, about $925,000 less than the price the couple paid for the unit in 2016. The Notkins closed on the unit after the building was delivered that year, but they may have put it under contract years earlier.
The buyer is Bal Harbour Condo-H Trust, managed by attorney Ira J. Gilbert of Paul, Weiss, Rifkind, Wharton & Garrison, a New York City-based law firm, according to a source.
The three-bedroom, 4,185-square-foot condo hit the market in October with Dina Goldentayer and David Siddons of Douglas Elliman for $9 million. It just sold for $2,025 per square foot. Diana Shay of Miami New Home Realty and Elena Britatina of Prime Life Realty brought the buyer.
The corner unit, in the south tower of Oceana, features a den, family room and a 1,500-square-foot wraparound terrace. The sellers invested more than $1 million to renovate the condo, which included a new kitchen, custom bar, master suite and millwork.
Mark Notkin manages $25 billion in mutual funds, according to his LinkedIn. He’s been with Fidelity since 1994. Notkin was called the best junk bond manager of the decade in a Bloomberg 2016 report.
The couple is based in Needham, Massachusetts. They also have owned a unit at the St. Regis Bal Harbour since 2011. That condo is not on the market.
Last month, Jerry Bednyak, co-founder of Vivid Seats, a popular online ticketing marketplace, sold a double unit at Oceana Bal Harbour for $9 million, $4.25 million less than its previous sale in 2018.
Oceana Bal Harbour, at 10201 Collins Avenue, was completed by developer Eduardo Costantini in 2016. Arquitectonica designed the development, and Piero Lissoni designed the interiors, the private restaurant and the penthouse bathrooms. Enzo Enea designed the pool deck landscape.
Depending on when they closed on their units, sellers of luxury condos in Miami are wrestling with listing their units for less than they paid. Price reductions are also becoming increasingly common.
At Oceana, recent sales include the $8.15 million trade of a unit to Brazilian retail mogul Élvio Gurgel Rocha last year. The seller of that condo paid $10.11 million for unit 2501 in 2017.