Another hedge fund manager has left Faena House.
Billionaire Jamie Dinan, founder and CEO of New York-based York Capital Management and a co-owner of the Milwaukee Bucks, sold his five-bedroom, six-and-a-half-bathroom condo at the ultra luxury building for $18.7 million.
A trust in Dinan’s name sold unit 14A at 3315 Collins Avenue, property records show. The 4,730-square-foot condo sold for $3,953 per square foot to an unknown buyer.
Dinan’s sale comes a month after hedge fund manager Leonard Licht and his wife Judith Licht sold their unit on the sixth floor of Faena House for $15.5 million, and more than a year after billionaire hedge fund manager Ken Griffin sold his two penthouses at the oceanfront building in two separate deals for $35 million and $11.2 million.
Dinan is worth about $1.9 billion, according to Forbes. He became an owner of the Bucks, an NBA team, in 2014, along with hedge fund managers Avenue Capital Group founder Marc Lasry and Fortress Investment Group founder Wes Edens. Last year, Dinan and his wife Elizabeth Miller paid $49.1 million for a waterfront mansion on Everglades Island in Palm Beach that luxury home builder Corey Schottenstein of Schottenstein Real Estate Group developed.
Dinan paid $20 million for his Faena House unit in 2015, the year that developer Alan Faena and Len Blavatnik completed the building.
Dinan listed his unit for sale a year ago for $22 million. It was most recently on the market with listing agent Oren Alexander and Isaac Lustgarten for nearly $19.8 million. Alexander was with Douglas Elliman when the deal went under contract, but has since left the brokerage to launch the firm Official with his brother, Tal Alexander. Lustgarten also joined Official.
Ileana de la Torre and Alexander Jimenez of the De la Torre Group at Elliman represented the buyer, who they declined to name.
Alexander, who also declined to comment on the buyer’s identity, said the seller had multiple offers because little inventory exists of turnkey large luxury condos on the ocean in Miami Beach. That’s also why new developments are selling well, he said.
New oceanfront condo developments in the pipeline along Collins Avenue in Miami Beach include Aman Residences within the Faena District, at 3425 Collins Avenue; and the Rosewood-branded condo and hotel development Shvo plans at 1751, 1757 and 1775 Collins Avenue, the latter of which includes the restoration of the Raleigh hotel. Also, Mast Capital and Starwood Capital Group recently launched sales of The Perigon, a luxury condo development planned for 5333 Collins Avenue.