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Manufacturing chief sells waterfront Fort Lauderdale spec mansion for $15M
Newly built home spans 10,350 sf, with 120 feet of waterfront
Manufacturing chief Arvinder Bajaj sold a newly completed waterfront spec mansion in Fort Lauderdale for $14.8 million.
Records show Bajaj sold the house at 6 Pelican Drive to Elan and Inna Katz.
Tim Elmes of Compass had the listing, and Jamie Boyle, also with Compass, brought the buyers. Boyle declined to comment on their identity.
Elan Katz is a health care entrepreneur. He founded Specialty Infusion, Cure Urgent Care, and QuickRx, all New York City-based health care service providers. He is the CEO of Aventine Healthcare Group, his LinkedIn shows.
Bajaj heads Plantation-based manufacturing company AB Diversified. He partnered with a local homebuilder for the project, Boyle said.
Records show he bought the 0.4-acre Pelican Drive property for $2.6 million in 2016. He completed construction of the 10,350-square-foot, six-bedroom, five-and-a-half-bathroom mansion earlier this year, the listing shows. The property spans 120 feet of waterfront, and includes a 72-foot-long lap pool and an outdoor kitchen, according to the listing.
Bajaj first listed the property for $18 million in November, Redfin shows. The sale price was $3 million, or 16.7 percent, below the initial asking price.
Price growth boomed in Fort Lauderdale’s luxury real estate market during the pandemic, with back-to-back record sales in recent months. Newly constructed homes and buildable lots have been in particularly high demand.
“The market has definitely slowed down,” Boyle said.
In December, a pair of insurance executives, brothers Seth and Brad Cohen, bought a waterfront teardown in Fort Lauderdale for $19.5 million. That same month, hedge funder Donald Sussman sold a waterfront lot for $17 million.
In July, the Cohen brothers sold a waterfront spec estate in Fort Lauderdale for $28.5 million, marking a Broward County record. The glory was short-lived, though. A self-storage mogul bought a waterfront spec compound in Fort Lauderdale for $32.5 million in August, setting a new Broward County price record that has yet to be beaten.