Scrap metal and crypto mining mogul buys $23.5M penthouse in Sunny Isles Beach

He also bought an Upper East Side condo in Manhattan for $5M

Adam Weitsman and 16901 Collins Avenue (Wikipedia via Adam Weitsman, CC BY-SA 2.0, Wild South Photography)
Adam Weitsman and 16901 Collins Avenue (Wikipedia via Adam Weitsman, CC BY-SA 2.0, Wild South Photography)

Scrap metal mogul and crypto mining entrepreneur Adam Weitsman paid $23.5 million for a penthouse in Sunny Isles Beach.

Weitsman, who lives in upstate New York, said he had seen the property online when it was on the market for roughly $30 million, but didn’t take it seriously at the time. He was looking for a condo in Sunny Isles Beach to spend more time with his parents, who live in the barrier island city.

His search took about a year and a half until he made an offer to the developer of Jade Signature that was accepted within 24 hours, Weitsman said. Fortune International Group, led by Edgardo Defortuna, completed the oceanfront 57-story, 192-unit tower at 16901 Collins Avenue in 2018. Two units are left.

The 11,661-square-foot penthouse includes a two-story primary suite, a game room, bar and wine room, and more than 7,500 square feet of terraces. It has seven bedrooms and nine and a half bathrooms. The sale price breaks down to $2,015 per square foot.

Weitsman’s agent, Compass broker Chad Carroll, posted details of the sale on Instagram. Sandra Chartouni with Fortune International Realty represented the developer in the deal.

“I really wanted to find something that was more move-in condition with all the supply chain [issues],” Weitsman said. “This place was perfect because it was like 90 percent ready to go.”

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Weitsman’s core business is scrap metal recycling, he said. He owns Upstate Shredding – Weitsman Recycling based in Owego, New York. He’s also started a crypto mining company, which was another reason he was looking to buy a home in the Miami area. Miami has become a magnet for the crypto industry. But he’s not relocating to the area full-time.

“I’ll always be a New York resident,” he said.

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Weitsman recently paid $5 million for a property next to the Frick Museum in New York’s Upper East Side. Billionaire John Paulson sold the part-home, part art gallery at 11 East 70th Street for a steep discount off the original $28 million asking price.

Weitsman, 53, who said he was a fine arts major, had long admired the property, which was originally designed as a residence by artist and photographer Charles I. Berg. He hasn’t decided yet what he will do with the unit.

He said he worked nearby when he was in his early 20s and would get kicked off the stoop of the building he just bought.