Billionaire Ken Griffin parting with Faena House penthouses in Miami Beach at a loss

Griffin paid $60M for both units in 2015

Miami /
Dec.December 15, 2020 12:30 PM
Ken Griffin with Faena House at at 3315 Collins Avenue (Photos via Getty; Google Maps)

Ken Griffin with Faena House at at 3315 Collins Avenue (Photos via Getty; Google Maps)

Billionaire hedge fund manager Ken Griffin is bidding adieu to the ultra luxury Faena House in Miami Beach.

Griffin sold his larger penthouse for $35 million and is in contract to sell his second penthouse, which is on the market for $12.5 million, according to the Multiple Listing Service. He paid $60 million for both units in 2015. At the time, the sale was considered a record for residential real estate in South Florida, but both units were never combined.

Even if Griffin, the founder and CEO of his Chicago-based hedge fund Citadel, sold the second penthouse at asking price, he would still sell the units at a loss of at least $12.5 million.

Oren Alexander of Douglas Elliman represented the buyer and seller of the larger unit, a four-bedroom, 7,433-square-foot condo. Ryan Mendell of Maxwell E. Realty is representing Griffin in the sale of penthouse B, a three-bedroom, 4,243-square-foot unit.

Alexander declined to comment on the deal. Mendell could not immediately be reached for comment.

The 44-unit Faena House at 3315 Collins Avenue, was developed by Alan Faena and investor Len Blavatnik.

In September, the condo association sued the developer, general contractor and subcontractors for a laundry list of alleged construction defects at the 17-story building, including a broken elevator in the penthouse, missing art, cracking in the concrete and chalky paint.

Some owners at Faena House, including Griffin, also have opposed the planned development of a 250-foot tall tower next door, to be developed by developer Vlad Doronin and investor Blavatnik.

Griffin, a Daytona Beach native, has been assembling land in both Palm Beach and Miami Beach where he’s planning to build multimillion-dollar waterfront mansions. His Chicago-based Citadel Securities began operating a temporary trading room in Palm Beach at the start of the pandemic.

On Miami Beach’s Star Island, Griffin has likely spent about $95 million on four waterfront lots, most recently shelling out $25 million for 10 Star Island Drive.

On the island of Palm Beach, Griffin has paid more than $350 million for land.

He owns some of the most expensive residential properties around the world, including in Manhattan, Chicago and London. In 2019, he closed on a $240 million apartment at New York City’s 220 Central Park South, breaking the record for the most expensive residential transaction recorded in the U.S.






    Related Articles

    arrow_forward_ios
    A rendering of the Byron Carlyle Cultural Center, Jared Galbut and Keith Menin (Miami Beach City Commission, Google Maps)
    It’s curtains for Galbut family-led proposal to redevelop Byron Carlyle Theater
    It’s curtains for Galbut family-led proposal to redevelop Byron Carlyle Theater
    James Star and The Caribbean at 3737 Collins Avenue in Miami Beach (Photos via Google Maps; Chewy)
    Finance mogul linked to Crown family buys Miami Beach penthouse and cabana for $13M
    Finance mogul linked to Crown family buys Miami Beach penthouse and cabana for $13M
     Matthew Whitman Lazenby with 7825 Atlantic Way (Blue Ocean Photography, iStock)
    Bal Harbour Shops owner upgrades to oceanfront estate in Miami Beach
    Bal Harbour Shops owner upgrades to oceanfront estate in Miami Beach
    46 Star Island Drive (Google Maps)
    Iacovelli finds a buyer for his Star Island mansion once asking $65M
    Iacovelli finds a buyer for his Star Island mansion once asking $65M
    Westime owner Jean Simonian and Washington Park Hotel. (Facebook via Westime and Washington Park Hotel)
    Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
    Ladder Capital sells Witkoff’s Miami Beach hotel for $44M
    Don Peebles and the Bath Club (Getty, Peebles Corp.)
    Judge slaps Don Peebles’ Bath Club Entertainment with $1M in sanctions
    Judge slaps Don Peebles’ Bath Club Entertainment with $1M in sanctions
    Vlad Doronin, Len Blavatnik and a rendering of Aman Miami Beach (Getty)
    Aman Miami Beach secures another approval tied to luxury hotel and condo project
    Aman Miami Beach secures another approval tied to luxury hotel and condo project
    (Google Maps, Ritz Carlton)
    Miami-Dade condo sales and dollar volume dip in mid-February
    Miami-Dade condo sales and dollar volume dip in mid-February
    arrow_forward_ios

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

    Loading...