Winston Capital CEO Pays $29M for 87 Park Penthouse

The CEO of a real estate investment and lending firm paid $29 million for a penthouse at Eighty Seven Park in Miami Beach, The Real Deal has learned.

Property records show a land trust sold the 6,466-square-foot condo on the 17th floor of the 18-story building at 8701 Collins Avenue. The buyer is an LLC named after the address, tied to David Burstyn, CEO of Miami-based Winston Capital Management.

Winston Capital CEO Pays $29M for 87 Park Penthouse — The penthouse at Eighty Seven Park in Miami Beach (Become Legendary)

Burstyn’s firm is a partner in a massive mixed-use development planned in North Miami with Brian Sidman’s BAS Holdings Investments. It calls for nearly 2,200 residential units and more than 121,000 square feet of commercial space. The joint venture, Redwood Dev Co, is a workforce housing developer with more than 4,000 units in its pipeline, according to Burstyn’s bio.

The lower penthouse at Eighty Seven Park was on the market for $40 million with Dina Goldentayer of Douglas Elliman. That means it sold for 27.5 percent less than the asking price.

Still, the seller, whose identity is hidden, profited from their initial investment. The six-bedroom, six-and-half-bathroom unit previously traded for $18.2 million in 2020, according to property records. At the time of that sale, the previous owner’s real estate agent said their client was a tax-motivated domestic buyer planning to relocate permanently to South Florida.

The unit was designed by RDAI and features a private elevator and a 4,000-square-foot wraparound terrace.

A company led by David Martin’s Terra developed Eighty Seven Park. The 66-unit tower was designed by Pritzker Prize-winning architect Renzo Piano. It was completed between the end of 2019 and the beginning of 2020. The building is next to the site of the deadly condo collapse in Surfside.

The National Institute of Standards and Technology, which has been investigating the causes of the 2021 collapse, is researching the effects of vibrations from neighboring construction, including driving sheet piles into the ground. In a presentation last year, NIST didn’t identify the neighboring construction, but may have been referring to Eighty Seven Park.

NIST has focused on the pool deck at Champlain Towers South, the building that collapsed, and found that three weeks before the tragedy, signs of “severe distress” were present in the pool deck.