A lawyer for global law firm Reed Smith, who specializes in cryptocurrency investments, and his wife bought a waterfront Sunset Islands home for $17.3 million.
Property records show Constantine and Angela Karides purchased the property at 2767 Sunset Drive from Andrew Sasson, who sold it as an individual and as a trustee. The Karideses financed their purchase with a $12 million mortgage from New York City-based Citibank.
Karides is a managing partner at the Pittsburgh-based law firm’s Miami branch. He oversees the firm’s relationships with investment funds, including cryptocurrency, according to Reed Smith’s website.
David Solomon and Jacqueline Oliva with Berkshire Hathaway HomeServices EWM Realty had the listing. Mick Duchon and Eloy Carmenate of Corcoran represented the buyer, according to Redfin.
The 7,725-square-foot home comes with seven bedrooms, eight bathrooms, one-half bathroom, and 100 feet of waterfront, according to Redfin. It was built in 1937.
Records show Sasson paid $8.3 million for the house in 2015. Solomon said Sasson gut-renovated the home, and in 2017, he rented it for an average of $60,000 a month. During the pandemic, Solomon said the property generated $80,000 to $85,000 per month as a rental.
“This house was bringing in $1 million in rental income a year,” Solomon said.
Last year, the Karideses sold their waterfront home at 5045 Lakeview Drive in Miami Beach for $9.6 million to Jonathan Saxton, who founded New York City-based financial regulatory compliance advisory firm Optima Partners.
This sales marks another notch in Sunset Island’s continued run of extraordinary luxury home sales.
This month, Chris Paciello flipped a waterfront teardown for a 50 percent gain in one month. He bought the property at 1400 West 23rd Street for $9.3 million and sold it to the next door neighbor for $14 million.
Also this month, a non-waterfront Sunset Islands home sold for a record $12.5 million.
In March, telecom chief David Jannetti paid $11.5 million for the waterfront home at 1775 West 24th Street in the Sunset Islands.