Car dealer doubles down on Porsche Design Tower condos, pays $14M for latest

It’s buyer Alan Jay Wildstein’s second condo purchase in the Sunny Isles Beach tower this summer

Alan Jay Wildstein and the Porsche Design Tower in Sunny Isles Beach (Alan Jay Automotive Network, Carl Lender, CC BY 2.0 - via Wikimedia Commons, Draper and Associates, iStock)
Alan Jay Wildstein and the Porsche Design Tower in Sunny Isles Beach (Alan Jay Automotive Network, Carl Lender, CC BY 2.0 - via Wikimedia Commons, Draper and Associates, iStock)

A car dealer paid $14.4 million for a condo in the Porsche Design Tower in Sunny Isles Beach, marking his second purchase in the building this summer.

James and Annette Lucas sold their two-story unit 4405 at 18555 Collins Avenue to Alan Jay Wildstein, according to Melissa Barragan of Dezer Platinum Realty. Barragan represented the buyer, and Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty represented the sellers.

Wildstein is president and CEO of central Florida-based Alan Jay Automotive Network, a car dealership with locations in Wauchula, Sebring, and Clewiston.

Last year, he sold his waterfront Fort Lauderdale home for $7.5 million.

The 6,121-square-foot, three-bedroom, four-bathroom Porsche Design Tower condo features 22-foot ceilings and a four-car garage. The Lucases paid $7.4 million for the condo when they purchased it in 2018, records show. The couple completed an extensive renovation on the unit before following their children back to their home state of Texas, Gonzalez said.

“[Lucas] completely gutted the unit, to the bare bones, and then put it all back together extremely well,” he said. The unit sold for nearly double its purchase price four years ago.

This is not the first time Wildstein has bought a condo at Porsche Design Tower, according to Barragan. Property records show Wildstein paid $6 million in June for unit 2501, a 4,154-square-foot, three-bedroom, four-bathroom condo.

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“He loved the building so much, but he wanted more space,” Barragan said. Wildstein is re-listing the smaller unit for just shy of $7 million, she said.

Wildstein also owns a car gallery on the fourth floor of the building that can fit up to seven vehicles from his car collection, allowing for a total capacity of 11 cars in the tower, aside from those at the unit that is going back on the market.

Wildstein has gone all-in on car-centric luxury condo living. Barragan also represented him in the presale of a condo at Bentley Residences, a development a few buildings down on Collins Avenue. According to Barragan, Wildstein is buying a three-bedroom, three-and-a-half-bathroom unit featuring a three-car garage in the building. Construction of the 60-story, 200-unit tower is set to wrap in 2026. Barragan declined to disclose the value of the planned purchase.

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The 60-story, 132-unit Porsche Design Tower, developed by Dezer Development in 2016, regularly ranks in the top condo sales for Miami-Dade County. Wildstein’s purchase marked the most expensive condo sale in the county last week.

Privacy features such as the Dezervator — a car elevator that allows people to keep their vehicles in their units — has been a draw for buyers, said Barragan, adding that she has closed $32 million in sales in the building in the last 90 days, a figure she says departs from the historic norm.

Sunny Isles Beach has been a hotbed for luxury condo deals. A $10.4 million deal at Jade Signature ranked as one of the biggest condo sales in the county last month.

Another unit at Jade Signature sold for $10.3 million this spring after spending 1,060 days on the market. And a Turnberry Ocean Club condo sold to a pair of data science entrepreneurs for $14.3 million in April.