Witkoffs buy condos at Ritz-Carlton Residences in Miami Beach
Companies led by Lauren and Zach Witkoff purchased the units
UPDATED, June 9, 12:15 p.m.: The Witkoff family purchased units at the Ritz-Carlton Residences, Miami Beach for nearly $11 million, combined.
Property records show an entity led by Lauren Witkoff, who is married to developer Steve Witkoff, paid $5.8 million for unit 612 at the luxury condo development. Another entity, led by Steve’s son, Zach Witkoff, paid $5.1 million for unit S07.
The developer, an affiliate of Lionheart Capital, sold the units. Lionheart and its partner Elliott Management completed the Ritz-Carlton Residences, a 111-unit building at 4701 North Meridian Avenue in mid-Miami Beach, in 2019 after construction delays.
Lauren is executive vice president of sales and marketing at Witkoff, and Zach is vice president of development for the company, which has offices in New York, Los Angeles, Las Vegas and Miami.
Steve Witkoff is chairman and CEO of his eponymous firm. In November, a company linked to him paid $8 million for a vacant lot nearby the condo tower on North Bay Road. In 2019, he paid $10 million for a waterfront Sunset Islands home in Miami Beach.
Darin Tansey of Douglas Elliman represented the developer and the Witkoffs in their condo purchases.
Witkoff’s Washington Park Hotel in Miami Beach was sold earlier this year for nearly $44 million. Ladder Capital sold the property out of foreclosure.
Lionheart will sell the land for single-family villas at Ritz-Carlton Residences to an affiliate of GFI, which is developing the homes, once they are completed.
This story has been updated to reflect that Lionheart will sell the land for the single-family villas upon completion of the homes.