Scrap metal mogul Adam Weitsman sold his oceanfront penthouse in Sunny Isles Beach for $28.6 million, roughly $10 million off the original asking price.
Weitsman sold unit 5603 at Jade Signature, at 16901 Collins Avenue, to a land trust that obscures the true owner of the property, records show. Weitsman, owner of Owego, New York-based Upstate Shredding – Weitsman Recycling, also started a crypto mining company.
Weitsman listed the 11,661-square-foot unit last year for $39 million. In March of this year, he reduced the price to $35 million. Price cuts will typically spur activity. Days later, it was under contract.
A source familiar with the sale told The Real Deal the purchase price was $32 million, including furnishings.
Chad Carroll of the Chad Carroll Group at Compass was the listing agent. He also represented the buyer, according to the listing.
The two-story upper penthouse also includes more than 7,500 square feet of wraparound terraces and a private pool. It has six bedrooms and nine and a half bathrooms, as well as its own gym, sauna, steam room, Jacuzzi, game room, bar and wine room.
Even though Weitsman traded his penthouse below the asking price, he still sold it for more than he paid for it. Records show Weistman’s Upstate Miami LLC paid $23.5 million for the unit in 2022.
Fortune International Group, led by Edgardo Defortuna, completed the oceanfront 57-story, 192-unit Jade Signature tower in 2018. Other unit owners include BH Group’s Isaac Toledano.
Fortune is working with Château Group on the planned St. Regis Residences, Sunny Isles Beach, at 18801 Collins Avenue. The two-tower development will include up to 361 condos following a zoning change that commissioners approved earlier this year. The estimated sellout for both buildings is $3 billion, Fortune CEO Edgardo Defortuna previously said. Last year, the developers secured a $100 million financing boost for the project from Bank OZK, bringing the lender’s total financing to $219 million.
Other new projects planned in Sunny Isles include Dezer Development’s Bentley Residences. Dezer launched sales of the planned 62-story, 216-unit tower in 2022.
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Residential
South Florida
Scrap metal mogul finds buyer for $35M Sunny Isles penthouse
