Architect Kobi Karp sold a waterfront Miami Beach property to spec home developer Todd Michael Glaser and Rony Seikaly, who plan to list the completed home for nearly $18 million.
Glaser said he and Seikaly paid $6.7 million for the property at 1420 West 23rd Street after leasing the lot with an option to purchase. Karp and his wife, Nancy, sold the partially completed home on Sunset Island III.
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The seven-bedroom, nine-bathroom house is 90 percent completed, and is expected to be finished in two months, when Glaser and Seikaly plan to list it for $17.9 million. Construction started about nine months ago, Glaser said.
Karp, founder and principal of Kobi Karp Architecture & Interior Design, is designing the new mansion, which will feature underground parking, large bedrooms with walk-in closets and a large deck for the master suite. The 19,688-square-foot lot has 112 feet of water frontage.
The Karps paid $800,000 for the property in 1999. The site previously had a house built in 1936 that was recently demolished.
Glaser and Seikaly, a former Miami Heat player, had a similar arrangement with developer Ron Simkins, who leased and then sold them the property at 1635 West 22nd Street on Sunset Island IV. The two business partners tore down the existing house, built a new one and then purchased it when it was completed.
Last month, Randy Frankel, the co-owner of the Tampa Bay Rays, and his wife Barbara paid $14.4 million for that spec home.
In July, Glaser and his partners Scott Robins and Jonathan Fryd paid $6.25 million for a lot at 259 Pendleton Avenue in Palm Beach.
In October 2018, the same group of partners and Philip Levine bought the property at 111 Atlantic Avenue in Palm Beach for $9 million to build two spec homes. They sold one of the houses in July for $10.7 million, and the other in February for $9.1 million.
Write to Katherine Kallergis at kk@therealdeal.com