GFI buys land for second phase of Ritz-Carlton Residences Miami Beach
Gabe Plotkin with 6360 and 6342 North Bay Road (Google Maps)
Gabe Plotkin, who founded his multibillion-dollar investment management firm Melvin Capital Management, is the buyer of two adjacent properties in Miami Beach, The Real Deal has learned.
Plotkin paid $44 million for the waterfront homes at 6360 and 6342 North Bay Road, according to sources. Jean Simonian, who owns the watch store Westime, sold the mansion and adjacent house. The deal closed in late November and was recorded last week.
Plotkin founded New York-based Melvin Capital in 2014 with $925 million in seed money, according to a source. The fund now manages $13 billion. Its holdings include more than 405,000 shares of Amazon (worth nearly $1.3 billion on Monday), and about 20 million shares in Bath & Body Works owner L Brands (worth $600 million), according to Yahoo Finance. L Brands also owns a stake in Victoria’s Secret.
A spokesperson for Plotkin declined to comment.
The 12,651-square-foot mansion at 6360 North Bay Road sold for $32 million. The nine-bedroom home, built in 2018, has nine bedrooms, twelve full bathrooms and four half bathrooms, according to property records. It includes a guesthouse, pool and dock with 112 feet of water frontage.
The four-bedroom, four-bathroom home next door, at 6342 North Bay Road, sold for $12 million. Originally built in 1935, the house, which sits on a 24,407-square-foot lot, was advertised as a teardown.
In Miami Beach, Plotkin joins a number of millionaire and billionaire buyers who have closed on properties in recent months. Billionaire hedge fund manager Ken Griffin has been assembling land on Miami Beach’s Star Island, recently paying $25 million for 10 Star Island Drive.
Last month, the waterfront lot at 5860 North Bay Road, once home to Colombian drug lord Pablo Escobar, sold to developer Jarrett Posner, founder and chairman of New York City-based BMC Investments, for $11 million. The same month, the CEO of AmeriSave Mortgage Corp. paid $8.2 million for a waterfront Miami Beach teardown next to his mansion on North Bay Road. And the CEO and president of a cosmetics and lotions manufacturer paid $10.7 million for a waterfront Palm Island mansion at 24 Palm Avenue.
