Montreal developer pays $6M for waterfront Pine Tree Drive teardown

Montreal developer Georges Dayan is dipping his toes into the hot Miami Beach single-family home market.

Dayan, through his 5515 Pine Tree Dr Development, paid $6.1 million for a four-bedroom house that fronts the Intracoastal Waterway.

Dayan is president of Groupe Dayan, a commercial real estate firm that manages more than 6 million square feet and has developed projects exceeding $250 million in Montreal, according to the company’s website.

Dayan’s new property is next door to boxing superstar Floyd Mayweather’s former house at 5501 Pine Tree Drive, which Barstool Sports founder Dave Portnoy recently rented for $200,000 a month.

The seller’s agent, Howard Chase of Howard Chase Real Estate, said the existing structure is expected to be demolished and replaced with a 7,500-square-foot home. Dayan was represented by Douglas Elliman’s Kaila Mardoyan and Bryan Sereny.

The seller, Miami Beach investor Megan Hernandez, bought the property in 2019 for $3.7 million. Chase also represented Hernandez at the time. He said her original intention was to tear it down and build a new mansion to live in it.

“When the market became advantageous, she decided to sell,” Chase said. “She didn’t do anything to it and sold it for nearly double what she paid. That is pretty indicative of the market.”

Pine Tree Drive is one of the hottest residential streets in Miami Beach. Over the last seven months, the neighborhood has seen half a dozen high-profile sales, including Andian Group’s $19 million purchase of a 12,394-square-foot mansion at 6385 Pine Tree Drive Circle. Not far from Dayan’s new property, biotech executive Troy Martin Cox and his husband paid $11.7 million for a waterfront home at 5191 Pine Tree Drive in April.