Steve Witkoff pays $8M for waterfront North Bay Road lot

JPMorgan bought the lot at auction for $5.4M in July 2019 after foreclosure

Miami /
Nov.November 25, 2020 02:45 PM
Steve Witkoff and 4766 North Bay Road (Getty, Douglas Elliman)

Steve Witkoff and 4766 North Bay Road (Getty, Douglas Elliman)

A company tied to the Witkoff Group bought a vacant waterfront lot on Miami Beach’s North Bay Road for $8 million.

The New York-based real estate investment and development group, led by Steve Witkoff, bought the nearly half-acre lot at 4766 North Bay Road, according to records. A spokesperson for the company did not return a request for comment.

The seller was JPMorgan Chase Bank, which bought the property at public auction for $5.4 million in July 2019 after foreclosing on the previous owner, according to court records.

Online listings show the property listed for $8.4 million in October 2019, dropping to $8.15 million in September. Oren Alexander of Douglas Elliman represented the buyer. Lindsay McMinn of BHHS EWM Realty represented the seller.

Last year, Steve Witkoff bought a waterfront Sunset Islands home in Miami Beach for $10 million. He is known in politics for his close relationship with President Donald Trump, serving on Trump’s economic recovery council and joining the president at public events.

North Bay Road has seen a flurry of purchases recently. The waterfront lot once home to Colombian drug lord Pablo Escobar sold to developer Jarrett Posner, founder and chairman of New York City-based BMC Investments, for $10.95 million. The CEO of AmeriSave Mortgage Corp. paid $8.2 million for a waterfront Miami Beach teardown next to his mansion on North Bay Road. Marcelo Claure bought a waterfront teardown at 5212 North Bay Road for $11.1 million. And hospitality mogul David Grutman closed on the site of his next home for $10.3 million.





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