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.






    Related Articles

    arrow_forward_ios
    Pierre Pomerleau and Eighty Seven Park (8701 Collins Avenue, Miami Beach)

    Canadian construction mogul buys another condo at Eighty Seven Park

    Canadian construction mogul buys another condo at Eighty Seven Park
    Billionaire hedge fund manager Dan Loeb and renderings of 6440 North Bay. (Third Point, To Better Days Development)

    Billionaire hedge funder Dan Loeb buys waterfront Miami Beach estate: sources

    Billionaire hedge funder Dan Loeb buys waterfront Miami Beach estate: sources
    Phil Collins is in contract to sell his waterfront Miami Beach mansion amid a legal battle with his ex-wife, Orianne Bates. (Getty, Coldwell Banker Realty)

    Phil Collins finds buyer for waterfront Miami Beach estate listed for $40M

    Phil Collins finds buyer for waterfront Miami Beach estate listed for $40M
    International Inn at 2301 Normandy Isle, Miami Beach (Google Maps)

    Miami Beach approves 8-story addition for International Inn

    Miami Beach approves 8-story addition for International Inn
    Jorge Perez and Jon Paul Perez with Terminal Island (Getty, iStock)

    Related gets height increase needed for Terminal Island office project in Miami Beach

    Related gets height increase needed for Terminal Island office project in Miami Beach
    (Google Maps)

    Miami-Dade condo sales and closed dollar volume take a dive at start of year

    Miami-Dade condo sales and closed dollar volume take a dive at start of year
    An exterior of 1835 West 27th Street, Miami Beach (Douglas Elliman)

    Venezuelan oil tycoon sells Sunset Islands waterfront mansion for $17M

    Venezuelan oil tycoon sells Sunset Islands waterfront mansion for $17M
     Jeff Blau and One Ocean (Getty)

    Related Cos. CEO Jeff Blau sells Miami Beach condo

    Related Cos. CEO Jeff Blau sells Miami Beach condo
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...