Capstone honcho pays record $7M for non-waterfront Bay Harbor Islands house
The home last sold for $5M in 2016
A New Jersey real estate honcho bought a non-waterfront house in Bay Harbor Islands for a record $6.5 million. The seller is the son of a former political aide to then-Israeli Prime Minister Ariel Sharon.
Sagi and Elana Genger sold the house at 10031 West Broadview Drive to a New Jersey LLC, Menlo22, which is linked to Moshe Medlowitz, president of the advisory board of Lakewood, New Jersey-based Capstone, a real estate investment firm.
Sagi Genger’s father is Arie Genger, a former political aide of Sharon who was eventually appointed White House Emissary in 2001. Sagi Genger used to serve as a consultant to Lumenis, an Isreali-based company that produces medical equipment.
Allan Kleer and Fabian Garcia Diaz with One Sotheby’s International Realty represented both the buyer and sellers.
The buying entity financed the deal with a $5.3 million loan from UBS Bank USA, records show.
The 7,752-square-foot, seven-bedroom house has six full bathrooms and one half-bathroom. It also has a tennis court and two-car garage, according to a release. It sits on half an acre and was originally built in 1950, with multiple additions, according to property records.
The Gengers bought the house for $4.9 million in 2016 from Jason and Diana Starkman, records show.
The sale underscores the continued strength of South Florida’s residential market. The number of home and condo sales in South Florida — including Bay Harbor — of more than $1 million, from December 2020 to November 2021, surpassed the total from the two prior years, combined.
Non-waterfront homes have recently sold for record prices in various parts of South Florida, including Miami Beach, and Miami’s Coconut Grove and Bay Point.
Among other recent sales in Bay Harbor Islands, PKWare CEO Spencer Kupferman and his wife, Ruth, paid a record $13 million in September for the waterfront home at 10000 West Broadview Drive.
That sale shattered the previous waterfront Bay Harbor record, set in August, when longtime Anheuser-Busch executive Feud Sadala and his wife, Silvana, paid $12 million for the waterfront home at 9814 West Broadview Drive.