Developer David Edelstein paid $25.5 million for a waterfront Miami Beach home, The Real Deal has learned.
Edelstein, a principal at his firm, TriCap, bought the four-bedroom, four-and-a-half-bathroom house at 6380 North Bay Road, according to sources. The 4,500-square-foot Mid-Century house was built in 1951 on a 0.6-acre lot. It includes a koi pond entrance, renovated kitchen, primary suite and landscaping by Raymond Jungles.
Property records show the sellers are Richard and Barbara Lane. Richard, chairman emeritus of the New York-based Olnick Organization, paid $9 million for the 0.6-acre property in 2020.
Jill and Danny Hertzberg of the Jills Zeder Group at Coldwell Banker had the listing. Bespoke Real Estate’s Cody Vichinsky represented the buyer.
The property likely marks Edelstein’s first home in Miami, even though the New York-based developer has owned and developed real estate in South Florida for years. In January, Edelstein’s TriCap and Robert Levine’s Ral Development sold two vacant lots in Wynwood to developer Moishe Mana for $33.5 million.
In 2024, Edelstein and Aby Rosen of RFR Realty sold the oceanfront W South Beach condo-hotel to Reuben Brothers for more than $400 million.
North Bay Road has benefitted from the boom in high-end home sales post-pandemic. The Miami Beach street is home to celebrity buyers who include David and Victoria Beckham, the Bee Gees’ Barry Gibb, Cindy Crawford, Michael Bay and Shakira.
Last week, French banker Olivier Sarkozy, whose half brother is former French President Nicolas Sarkozy and who was previously married to Mary-Kate Olsen, paid $5.2 million for a non-waterfront home on the same street. In March, spec home developer Todd Michael Glaser and the Posner Group de-listed the waterfront 2.3-acre estate at 5940 North Bay Road, which was asking $169 million. The priciest home currently on the market is the half-acre property at 3100 North Bay Road, asking $100 million with Douglas Elliman’s Lourdes Alatriste. Retired MLB star Alex Guerrero owns the mansion.
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