WeWork’s Sandeep Mathrani sells Surf Club Four Seasons condo for $21M
Mathrani bought a Palm Beach condo for $5.3M in January
WeWork CEO Sandeep Mathrani sold his condo at Four Seasons Residences at the Surf Club in Surfside for $21 million and downsized to a unit in Palm Beach.
Records show Mathrani sold unit 1005 in the south tower of the Surf Club Four Seasons, at 9001 Collins Avenue, to Thomas F. Shannon. Shannon is CEO and founder of Bowlero Corporation, a New York City-based owner and operator of bowling alleys. The publicly traded company has raised $450 million in funding, according to Crunchbase.
Stacy Robins of the Stacy Robins Companies had the listing, and Anastasia Wachter of Douglas Elliman brought the buyer. Robins declined to comment on the identity of the buyer and the seller.
Mathrani is chairman and CEO of WeWork. He joined WeWork in 2020 in an effort to turn around the coworking company’s reputation and profitability, a few months after founder Adam Neumann stepped down. Mathrani was named chairman last March.
Mathrani bought the unit for $11.3 million in 2020, records show. The 4,200-square-foot, four-bedroom, five-bathroom condo is on the 10th floor of the south tower, just below the two penthouse levels, according to property records and the listing. The unit also includes one half-bathroom, private elevator entry, and glass-enclosed terraces.
The price in the latest sale equated to $5,000 per square foot, one of the highest ever in the Surf Club.
Fort Partners completed Four Seasons Residences at the Surf Club in 2017, including a 72-key hotel, a 150-unit condominium, and a restaurant by chef Thomas Keller, of French Laundry fame.
The project is a redevelopment of the prohibition-era social club started by tire mogul Harvey Firestone in 1930. In its heyday, the Firestone’s Surf Club was frequented by Elizabeth Taylor, Winston Churchill, and Frank Sinatra, among many other society elites.
Since opening, Four Seasons Residences at the Surf Club’s condos have attracted high-profile residents.
Retail mogul Michael George sold his unit for $21 million in December, which set a price-per-square-foot record for the Surf Club. Legendary Miami Heat coach Pat Riley and his wife, Christine, sold their unit for $22.8 million in May. In 2021, “Wonder Woman” actress Lynda Carter paid $15 million for a condo in the south tower.
Robins chalks up the Surf Club’s strong pricing performance to its extensive oceanfront, which spans more than 900 feet, as well as its amenities. She noted the south tower tends to out–perform the north tower, which shares space with the hotel.
The South Florida market has been coming down from its pandemic peak, with supply loosening up and deals slowing down. Robins says what isn’t selling are lower quality and inappropriately priced properties.
On the other hand, Robins said, “Anything you bring to market right now that’s quality, that is correctly priced, is going to sell.”