Sports and media investor sells Arte Surfside condo for $14M
Seller David Abrams bought unit for $10.2M in 2021
A sports and media investor sold his Arte Surfside condo for $14.1 million in an off-market deal.
David Abrams, as manager of Party of 5 LLC, sold unit 501 at 8955 Collins Avenue in Surfside to a trust named for the address. The true buyer is unknown.
Abrams is a founding partner of Velocity Capital Management, a New York City-based investment firm specializing in sports, media and entertainment companies. Prior to establishing Velocity in 2021, Abrams was chief investment officer for Harris Blitzer Sports & Entertainment for four years, LinkedIn shows. He also spent nearly a decade as a managing partner at Apollo Global Management.
Records show Abrams bought his 3,600-square-foot Arte condo for $10.2 million in 2021. The unit has four bedrooms and four bathrooms, and includes an ocean-facing terrace.
The latest sale equates to $3.9 million in price growth in two years.
Alex Sapir’s Sapir Corporation and Giovanni Fasciano developed the 12-story, 16-unit oceanfront condominium. Italian architect Antonio Citterio designed the building, and the developers completed construction in 2020. Amenities include tennis courts, indoor and outdoor pools, a fitness center, spa and sauna.
Since its completion, Arte has attracted high-profile residents, among them Jared Kushner and Ivanka Trump. The couple has been renting a two-story, 7,000-square-foot unit in the building since 2021.
They got a new landlord in January –– an unknown buyer bought the Arte unit for $17 million in an all cash deal.
The former first children are renting while they complete renovations on the waterfront Indian Creek mansion they bought for $24 million in 2021.
Other recent sales at Arte include a penthouse Deepak Thapliyal’s blockchain firm Chain sold for $18 million in December. The sale equated to a $4.5 million loss, after the company bought the penthouse for $22.5 million in 2021, using cryptocurrency.
Sapir Corporation sold two units in the building for a combined $23.4 million in February of last year.