American Eagle CEO sells oceanfront Key Biscayne condo for $5M

Sellers bought the unit in 1999 for less than $2M

Jay L. Schottenstein and Dana M. Locniskar and Grand Bay Tower. (SB360, Merrill Lynch, Realtor)
Jay L. Schottenstein and Dana M. Locniskar and Grand Bay Tower. (SB360, Merrill Lynch, Realtor)

UPDATED, June 7, 6:10 p.m.: Jay L. Schottenstein, CEO of American Eagle Outfitters, and his wife, Jean, sold their oceanfront Key Biscayne condo for $5 million.

Records show the Schottensteins sold unit 1101 at Grand Bay Tower to Dana M. Locniskar and Christine Beck.

Jay Schottenstein is chairman and CEO of American Eagle Outfitters. He is also chairman of American Signature, Designer Brands, Schottenstein Stores Corporation and Schottenstein Property Group, according to his LinkedIn profile.

His father, Jerome, founded Schottenstein Stores Corporation, which included Value City Furniture. The Schottenstein family’s net worth is valued at $2.7 billion, according to Forbes.

Locniskar is a private wealth advisor and a managing director of the Locniskar Pursel Bucher Biddinger Group at Merrill Private Wealth Management. He’s worked at Merrill since 1970, according to its website.

The Schottensteins bought the 3,950-square-foot condo in 1999 for $1.7 million, records show. The unit was listed in 2018 with an asking price of $5.7 million, and then taken off the market later that year, according to and Zillow.

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Veronica Cervera and Alexandra Goeseke of Cervera Real Estate represented the Schottensteins in the off-market sale, and Cristian Lavin and Ivan Chorney of Compass represented the buyer. The unit sold for $1,266 per square foot.

Grand Bay Tower, at 430 Grand Bay Drive, was built in 1999.

Property records show the unit has three bedrooms and five-and-a-half bathrooms. The condo also features three balconies and a private elevator, according to the listing.

Other recent deals in Key Biscayne include a German TV personality buying a waterfront home for nearly $15 million, a biotech entrepreneur buying a penthouse for $18 million, and the president of a Venezuelan oil company selling a mansion for $17.4 million.

Correction: A previous version of this story misstated the agents involved in the sale.