Spec developers Ricardo Halfen and Matthew Rosenblatt bought a waterfront Bay Point mansion for $21 million, half off its 2022 asking price.
Records show 4355 Sabal Palm Owner LLC, a Florida entity managed by Halfen, bought the house at 4355 Sabal Palm Road in Miami from Richard Lee Krelstein in an off-market deal. Halfen and Rosenblatt financed the purchase with a $13.5 million loan from Amerant Bank, according to property records.
Rosenblatt and Halfen are both spec developers. In August, Rosenblatt sold a waterfront spec mansion in Bay Harbor Islands for a record $22 million. In 2023, Halfen, who heads Treo Construction, sold a waterfront spec house in Golden Beach for $15 million.
Krelstein bought the 8,300-square-foot Bay Point mansion for $11.2 million in 2020, records show. It was built in 1963 on 0.8 acres and has 190 feet of waterfront, according to records and the listing. It was renovated in 2023 and has six bedrooms and six bathrooms, records show.
Krelstein first listed the mansion for $35 million in 2022, before upping the asking price to $42 million later that year. The price was subsequently slashed three times before the home was delisted in June, Zillow shows.
It’s been a record year for luxury deals in Miami’s Bay Point neighborhood. In January, Fatos Rosenberg sold a 1.7-acre waterfront estate for $85 million, making it the most expensive home ever sold in Bay Point. Later that month, former Miami Heat player Goran Dragić sold his waterfront home there for $13.4 million. In July, a financier bought a house for $16 million.