Spec home developer Todd Michael Glaser and the Posner Group are looking to flip for $169 million the waterfront Miami Beach estate they bought for $105 million in July — equating to a 60 percent markup.
They also listed the property for rent, asking $495,000 a month.
Developer Sonny Kahn, a founding partner at Miami-based Crescent Heights, and his wife, Suzanne, sold the 2.3-acre estate at 5940 North Bay Road last month. The deal had been in the works for about six months. Glaser’s investor and partner, Jarrett and Sean Posner’s firm, financed the purchase.
Glaser could sell or rent the existing home as is, but he is also moving forward with plans to develop a spec mansion that could hit the market for $300 million.
The listing agent, Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty, said Kahn told him he spent more than $30 million combined on two renovations of the now 19,000-square-foot, eight-bedroom and 13-bathroom mansion. The Kahns paid $2.4 million for their North Bay Road property in 1991, records show. The home was built in 1936. It includes a pool, new seawall, dock and a tennis court.
“The house is in very good condition,” Gonzalez said. “It’s got all the bells and whistles.”
Glaser has said he could flip the property or build the new mansion. He hired Domo Architecture + Design to design a 35,000-square-foot mansion, which would include a movie theater; wellness center with a sauna, steam room and fitness center; pickleball and paddle courts; a lap pool; a main pool and a 27-car understory.
The lot is nearly 500 feet deep and has about 290 feet of waterfront.
North Bay Road is home to celebrity buyers who include David and Victoria Beckham, the Bee Gees’ Barry Gibb, Cindy Crawford, Michael Bay and Shakira.
Land prices in Miami Beach have hit record highs this summer.
Nearby on North Bay Road, Witkoff sold the 0.4-acre waterfront property at 4766 North Bay Road for $24.3 million, or $1,370 per square foot. It was the highest price per square foot for land ever achieved in Miami Beach — until Colombian businessman Jorge Mattos and his wife, Patricia, sold their waterfront home at 68 La Gorce Circle on Miami Beach’s La Gorce Island for $32.7 million, or about $1,700 per square foot earlier this month.
The current asking price for Glaser’s property — for purchase and rent — marks the priciest in Miami-Dade County.
The second most-expensive rental on the market is the waterfront mansion at 440 South Mashta Drive in Key Biscayne, asking more than $433,000 a month with Gustavo Gambino of Gambino Real Estate Corp. The second priciest home for sale is actually a three-house, 2.1-acre compound at 190 Palm Avenue, on the market for $148.5 million with Fredrik Eklund of the Eklund-Gomes Team at Douglas Elliman.
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Residential
South Florida
Todd Glaser, Posners close on Sonny Kahn’s waterfront Miami Beach estate, plan spec mansion asking $300M
Residential
South Florida
Witkoff sells waterfront North Bay Road lot for $24M, marking a ppsf record in Miami Beach
