In a case of not island hopping, but island home hopping, the head of a local investment firm sold his Fisher Island penthouse for $20.5 million, three months after closing on a mansion nearby.
Records show Fisher Island Investment Fund I LLC, a Florida entity managed by Guilherme Federico, sold unit 7964 at 7964 Fisher Island Drive to J&S Florida Realty Trust, managed by Joseph P. Faro.
Karla Abaunza and Maria Oneide Gioia with Luxury Living Realty had the listing, and Laura Castillo with the Corcoran Group brought the buyer.
Faro, who goes by Joe Faro, is a developer and food entrepreneur. He founded Tuscan Brands, a New Hampshire-based firm that includes restaurants Tuscan Market, Toscana Italian Chophouse & Wine Bar and Tuscan Sea Grill. Tuscan Brands also includes Artisan Chef Catering Company and Artisan Chef Manufacturing, which sells packaged foods at Publix and Market Basket, a grocery chain in the Northeast. He also developed Tuscan Village, a mixed-use project in Salem, New Hampshire with 1,200 residential units, a hotel, retail with LL Bean, Williams Sonoma and Pottery Barn, and an outpost for Massachusetts General Hospital. It was previously the 170-acre site of Rockingham Park, a horse racing track, Northshore reported.
Records show he owns another Fisher Island condo, unit 7921 at 7921 Fisher Island Drive, which he bought for $10 million in 2023.
Federico helms Miami-based Moto Capital Group, a Miami-based family office. In 2022, Moto sold the Lord Balfour hotel in Miami Beach for $39.3 million. In January, an entity managed by Federico bought the mansion at 6915 Valencia Drive on Fisher Island for $21 million.
Records show his entity bought unit 7964 in the Oceanside building for $8.2 million in 2013. It was built in 1989 and spans 6,800 square feet, with five bedrooms, seven bathrooms, one half-bathroom and staff quarters, according to property records and the listing.
It hit the market for $27 million in June, Zillow shows. It ranks as the most expensive condo closing in Miami-Dade County so far this month.
Fisher Island is a private island off Miami Beach accessible only by ferry, boat or helicopter, and favored by wealthy buyers who prioritize security. In February, the widow of Russian oligarch Dmitry Zelenov sold their Fisher Island house to developer Lewis Swezy for $14.8 million. In June, Danish tennis pro Caroline Wozniacki and her husband, former NBA star David Lee, sold their penthouse on the island for $37 million.
