Keith Menin sells waterfront North Bay Road mansion for $24M

Menin paid $12M for the property last year

Miami /
Aug.August 31, 2020 08:45 AM

Keith Menin and 2318 North Bay Road

UPDATED, Sept. 1, 9:30 a.m.: Hospitality mogul Keith Menin sold a waterfront home on Miami Beach’s North Bay Road for $23.5 million, The Real Deal has learned.

Menin’s 2318 NBR LLC sold the eight-bedroom, nearly 15,000-square-foot mansion at 2318 North Bay Road to an undisclosed family from New York, according to the brokerages involved in the deal. The sale price includes furnishings.

Property records show the buyer is Malibu Summer 2020 LLC, a Delaware company, as trustee of the Malibu Summer Land Trust, which lists the address of San Francisco investment firm Iconiq Capital.

Brett Harris of Douglas Elliman

Brett Harris of Douglas Elliman

Brett Harris of Douglas Elliman represented the seller, and Gene Martinez of Compass represented the buyer.

Menin, a principal at Menin Hospitality and a nephew of developer Russell Galbut, has redeveloped and sold three off-market homes in Miami Beach in the last year, for about $50 million.

The two-story mansion at 2318 North Bay Road sits on a 24,860-square-foot lot. The Menin-led company paid just over $12 million for the property nearly a year ago. It was built in 2009, and Menin renovated the house.

Gene Martinez of Compass

Gene Martinez of Compass

Two years ago, Menin and his wife, Evelyn, sold a waterfront home at 241 East San Marino Drive on the Venetian Islands in Miami Beach for $12 million. Earlier this year, he transferred ownership of a mansion at 815 East Dilido Drive in Miami Beach to a Delaware LLC. Menin acquired that property in 2018 for $8.7 million and sold it for $14.1 million. Records show Menin and partners own a waterfront property on Pine Tree Drive in Miami Beach that is under contract for more than $7 million.

Menin and his cousin and managing principal Jared Galbut lead Menin Hospitality, a Miami-based firm that runs the Gale South Beach, Bodega in Miami Beach, and other hospitality concepts. Bodega has a location under construction in Fort Lauderdale.

Write to Katherine Kallergis at [email protected]


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