Shay Kostiner sells Star Island lot at big discount
The 1.1-acre waterfront lot first hit the market in 2016 for $24M
UPDATED, June 12, 9 a.m.: Is it a sign of the times?
After multiple price chops, Shay Kostiner has sold his waterfront Star Island lot for $10 million – less than half the original asking price of $24 million.
Kostiner sold 44 Star Island to Hartstone Investments Ltd., a Nevada corporation, property records show. The 1.1-acre lot, with 209 feet on the water, comes with approved plans for a new home.
Kostiner, managing director of Fifth Ave Capital Partners, first tried to sell his pie-shaped lot in 2016 for $24 million. He has gone through a score of real estate agents since then, including Lourdes Alatriste and Marcos Egipciaco.
Kostiner acquired the property in 2010 for $7.25 million, and went before a number of Miami Beach boards to score demolition approval and approval for a new home on the lot. The approved plans called for a 27,000-square-foot home with nine bedrooms, an eight-car garage, and rooftop and bayfront pools.
In October, Douglas Elliman’s Brett Harris said Kostiner was motivated to sell and “getting realistic about where the market is,” when he reduced the price to $16.4 million.
Star Island has some of the priciest mansions in Miami Beach. Residents include Gloria and Emilio Estefan, Lennar executive chairman Stuart Miller, Phillip and Patricia Frost, and Miami plastic surgeon Dr. Leonard Hochstein.