Canadian investor sells waterfront Miami Beach mansion for $18M

Buyer is Riverside District Development CEO Babba Yesharim

Daniel Gryfe Sells Miami Beach Mansion for $18M
4411 Pine Tree Drive with Daniel Gryfe and Riverside District Development's Babba Yesharim (Compass, LinkedIn)

Canadian real estate investor Daniel Gryfe sold his waterfront Miami Beach mansion for $16 million.

Gryfe’s 4411 Florida LLC sold the house at 4411 Pine Tree Drive to fellow real estate investor Babba Yesharim, sources confirmed. 

Mendel Fellig of Compass had the listing, and Yesharim, who hangs his license with Beachfront Realty, represented himself.

Daniel Gryfe Sells Miami Beach Mansion for $18M
4411 Pine Tree Drive (Compass)

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Yesharim is CEO of Riverside District Development, a Miami-based real estate firm that has invested heavily in property by the Miami River. In August, Yesharim listed a 1.2-acre riverfront development site for $26 million. He bought the land for $5.6 million in 2021 and had announced plans to build a 36-unit condominium on the site. Earlier this month, Yesharim sold his house at 2957 Flamingo Drive in Miami Beach for $10.5 million. He bought it for $3.2 million in 2017, records show. 

Gryfe helms Ontario-based Precise Capital Management and New York City-based Mbark Global, both real estate investment firms. Last year, Gryfe’s Mbark bought an office park in the suburbs of Chicago for $64 million

He bought the waterfront Pine Tree Drive home for $12.3 in 2021, records show. The 12,800-square-foot mansion was built in 1933 on 0.9 acres, and expanded several times 1953 and 2016, according to property records. The property has 10 bedrooms, 10 bathrooms, three half-bathrooms, two guest houses, a game room, a pool and 100 feet of docking space, the listing shows. 

Gryfe listed it for $18 million in March, Redfin shows. 

This closing marks the latest pricey Pine Tree Drive sale in a recent string of deals on the coveted street that runs along the Intracoastal Waterway. Earlier this month, Uber investor Shervin Pishevar sold his waterfront estate on Pine Tree Drive for $21.2 million. Last month, billionaire Teddy Sagi went into contract for a 1.4-acre waterfront teardown for $24 million