New York investment honcho flips waterfront Fort Lauderdale home for $8M

The president of a New York City-based investment firm flipped a waterfront Fort Lauderdale home for $7.7 million, $1.3 million more than his purchase price less than a year ago.

Daniel Kordash sold the house at 444 Royal Plaza Drive to Galo David Coba, according to property records.

Kordash is the founder and president of private investment firm M2B Funding. He bought the house in March of last year for $6.4 million, records show. In May, he contracted with Rod’s Reliable Welding to install two aluminum slide gates at the property.

Built in 2020, the home sits on more than a quarter-acre, with five bedrooms, seven full bathrooms and one half-bathroom. It has about 100 feet of water frontage and an elevator, according to Realtor.com.

Chad Carroll with The Carroll Group at Compass represented the seller. Matthew Elliott with Corcoran and Marc Hameroff with Engel & Völkers represented the buyer.

In November 2018, Coba also paid $3.8 million for a waterfront home at 527 Royal Plaza Drive in Fort Lauderdale. The seller was David Coba, a co-founder of European Wax Center. Galo David Coba still owns that property, according to records.

This most recent sale underscores the continued strength of South Florida’s luxury housing market. The number of residential sales in South Florida — including Fort Lauderdale — of $10 million or more rose exponentially from December 2020 to November 2021, topping that of the previous two years combined, according to an analysis by The Real Deal.

Among other recent Fort Lauderdale home sales, Copart CEO Jay Adir and his wife, Tammi, paid $15.5 million in December for the waterfront tear-down at 2541 Laguna Terrace.

In October, repo king Patrick K. Willis paid $12.5 million for the nine-bedroom, 13,692-square-foot mansion at 2900 Northeast 37th Street.

That same month, Bridge Development co-founder Steve Poulos and his wife, Colleen, paid $14 million for the waterfront home at 72 Isla Bahia Drive.