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

Miami /
Mar.March 18, 2022 01:30 PM

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.”

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.

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.





    Related Articles

    arrow_forward_ios
    From left: Edgardo Defortuna, Ana Gomez, Alicia Cervera Lamadrid, and Craig Studnicky (LinkedIn, Cervera, iStock)
    “Get your money out now”: Miami brokers target Colombian buyers after leftist’s election
    “Get your money out now”: Miami brokers target Colombian buyers after leftist’s election
    Nancy Shevell McCartney with Il Lugano (Getty, Apartments.com)
    Paul McCartney’s wife sells her late father’s Palm Beach condo
    Paul McCartney’s wife sells her late father’s Palm Beach condo
    The Oceana in Key Biscayne (Condo.com, iStock)
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    A photo illustration of Jade Signature (Compass Real Estate, iStock)
    Jade Signature closing tops Miami-Dade’s weekly condo sales
    Jade Signature closing tops Miami-Dade’s weekly condo sales
    The Minorca condominium at 2030 Douglas Road in Coral Gables (iStock, CBRE, Illustration by Kevin Rebong for The Real Deal)
    Ex-Venezuelan official tied to $1B fraud gets 4+ years, must forfeit Coral Gables condo
    Ex-Venezuelan official tied to $1B fraud gets 4+ years, must forfeit Coral Gables condo
    Centro Miami
    Harvey Hernandez sells Centro Miami units for $3M, avoiding foreclosure
    Harvey Hernandez sells Centro Miami units for $3M, avoiding foreclosure
    Eighty Seven Park (Google Maps, iStock)
    Eighty Seven Park closing tops Miami-Dade’s weekly condo sales
    Eighty Seven Park closing tops Miami-Dade’s weekly condo sales
    Fendi Chateau Ocean Residences, Apogee, Rise at Brickell City Centre and Faena House (Condo.com, iStock)
    Here are Miami-Dade’s top condo sales in May
    Here are Miami-Dade’s top condo sales in May
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...