Access Industries executive Alex Blavatnik sold his unit at Faena House in Miami Beach and purchased another at Fendi Château Residences in Surfside, The Real Deal has learned.
Blavatnik, executive vice president and deputy chairman of the New York-based conglomerate Access Industries, sold unit 5A at 3315 Collins Avenue for $11.5 million. Blavatnik’s brother Len, the billionaire founder and chairman of Access Industries, backed the development of the Faena District a few years ago, including Faena House.
Alex Blavatnik is also an investor in Ocean Terrace, a major mixed-use project planned for North Beach.
His ABF5A LLC sold unit 5A at Faena House to an undisclosed buyer at a slight loss compared to the $11.55 million the LLC paid for the unit in 2015, the year the building was completed. Oren Alexander of Douglas Elliman represented the buyer and seller.
The four-bedroom, five-and-a-half-bathroom condo spans 4,730 square feet and sold for $2,431 per square foot.
Surf’s Up Holdings, a Delaware company tied to Blavatnik’s AVB Management, purchased unit 1006 at Fendi Château for $12.2 million. Avista Capital Partners CEO and managing partner Thompson Dean sold the four-bedroom, five-bathroom condo, according to property records. The 6,783-square-foot condo at 9349 Collins Avenue sold for nearly $1,800 per square foot.
Liz Hogan and Karen Krotov of Compass represented the seller, and Richard Goihman of Douglas Elliman represented the buyer. They all declined to comment on the buyer and seller.
Both the Faena House and Fendi Château units sold for discounts off of their asking prices. Fanny Haim Decorators designed both units, according to the listings.
Blavatnik’s Faena House condo hit the market in 2018 for $15.5 million. The asking price was reduced to $12 million in September, according to Realtor.com
Alexander, who declined to comment on the buyer, said he’s seeing a “huge uptick in activity” at Faena House. His team is listing units 8B and 14B for $9.8 million and $12.8 million, respectively.
The Fendi Château unit was listed for $19.5 million in 2018, and was most recently on the market for $14.5 million. Thompson paid $12 million for the condo in 2016, acquiring it from the developer, the Château Group.
Thompson and his wife Caroline own an oceanfront mansion in Palm Beach that they acquired for $41 million in 2018.