Former Pfizer CEO sells Jade Signature condo for $16M
5,900 sf unit has 20-foot ceilings, 1,200 sf outdoor space
The former head of Pfizer sold his Jade Signature condo in Sunny Isles Beach to a Canadian executive for $15.7 million, two years after listing it for $17.6 million.
Records show Ian C. Read’s IJ LLC sold unit 5101 at 16901 Collins Avenue to Putman Estate Holdings, a Delaware entity managed by Douglas Putman.
Putman is a Canadian executive who’s made a career out of reviving failing retail brands. He is CEO of Sunrise Records, a record store chain based in Ancaster, Ontario. He’s also the owner of Toys R Us Canada, and recently bought out the leases of 21 former Bed Bath & Beyond stores across Canada, with plans to open them with a new home goods chain, rooms + spaces, CBC reported.
Read is the former chairman and CEO of New York City-based pharmaceutical giant Pfizer. He stepped down from the role in 2019, after spending more than four decades with the company. Shortly after leaving Pfizer, he joined private equity firm Carlyle Group as an operating executive on the health care team, the company announced.
Read first listed his Jade Signature condo for $17.6 million in 2021, and it has been on-and-off the market since then at that price, Redfin shows. The listing was last removed in December, and the sale closed off-market, according to Realtor.com.
The pharma boss bought the 5,900-square-foot condo for $13.3 million in 2018, records show. The unit has five bedrooms, seven bathrooms and one half-bathroom, according to property records. The condo has 20-foot ceilings and nearly 1,200 square feet of outdoor space.
Fortune International Group completed construction on the oceanfront 57-story, 192-unit tower in 2018. Amenities include a beachfront deck with two pools, a fitness center, spa, library, wine and reading lounges.
Other recent Jade Signature sales include a unit that sold in November for $7 million, marking the top condo price in Miami-Dade County that week. BH Group’s Isaac Toledano dropped $15 million on a penthouse in the building in September. Adam Weitsman, a scrap metal mogul and cryptocurrency mining entrepreneur, bought a penthouse in the building for $23.5 million in March of last year.