Citadel Fund Manager Buys Penthouse at Five Park Miami Beach

A biotech fund manager at Citadel’s Surveyor Capital paid $19.5 million for a penthouse at Five Park, Russell Galbut and David Martin’s Miami Beach condo tower.

The sale marks one of the most expensive condo trades within the building.

The developers’ TCH 500 Alton LLC sold upper penthouse 2 at 500 Alton Road to Daniel Krizek, property records show. The 5,369-square-foot condo also has a rooftop terrace.

Krizek has worked at Surveyor Capital since 2017, according to his LinkedIn. Citadel employees have been buying homes in South Florida ever since their billionaire boss, Ken Griffin, announced in 2022 that he was moving the hedge fund and the financial services firm, Citadel Securities, to Miami.

Griffin has also assembled a massive portfolio of real estate from Miami to Palm Beach.

Galbut’s Miami-based GFO Investments and Martin’s Coconut Grove-based Terra completed the 48-story Five Park condo tower late last year. It marks the tallest building in Miami Beach.

The 227-unit building includes two condominium associations: the Park, with 132 units on floors eight through 25, and Canopy Residences, with 95 units starting on floor 26.

Other buyers include developer Diego Bonet, Jimmy Resnick, Clean Skin Club CEO Aviran Mulain, and Canadian and Caymanian entrepreneur Frank T. Schilling, records show. Stephanie Dorrance, the ex-wife of Campbell’s Company heir John Dorrance; former Lehman Brothers managing director Gary Killian and hotelier Kevin Wendle also own units.

The high-rise, built near the entrance to South Beach, has about 50,000 square feet of amenities, including a sixth-floor club level, a pool deck with cabanas, gym and spa, co-working space, and a private members’ club on the 26th floor.

The development includes the 3-acre Canopy Park that the developers built on the adjacent site in exchange for extra height.