The Witkoff Group sold a waterfront North Bay Road lot for $24.3 million, marking a price per square foot record for land in Miami Beach.
A subsidiary of the real estate firm founded by Steve Witkoff sold the 0.4-acre property at 4766 North Bay Road in an off-market deal. The buyer is the same entity that bought the spec home next door for $29.5 million in May, Bloomberg reported.
Dina Goldentayer, a top agent with Douglas Elliman, represented both the buyer and seller in the latest deal.
Steve Witkoff, friend of President Donald Trump and the current U.S. Special Envoy to the Middle East, founded the Witkoff Group in 1997. Since taking on his role in the Trump administration, Witkoff has stepped back from his position, and his son, Alex Witkoff, has taken over as CEO of the firm.
The Witkoff affiliate bought the North Bay Road property for $8 million in 2020, records show. The year prior, Witkoff bought a waterfront home in Miami Beach’s Sunset Islands for $10 million.
The latest sale price equates to $1,370 per square foot, the highest price per square foot for land ever achieved in Miami Beach, Goldentayer said via a text blast. Overall, the value of the property tripled in the five years since Witkoff bought it.
Price growth exploded in South Florida during the pandemic, particularly on North Bay Road, which emerged as the most in-demand street in Miami Beach. David and Victoria Beckham paid a record $72 million for a waterfront spec mansion in October. Spec developer Todd Glaser and his partners are in contract to buy a 2.3-acre waterfront estate for $105 million, which will set a new price record for North Bay Road if and when that closes. Glaser plans to build a spec mansion on the property and list it for $250 million or more.
Among other recent deals, Ideavillage CEO Anand Khubani bought a waterfront mansion for $40 million in January.