Billionaire Ken Griffin parting with Faena House penthouses in Miami Beach at a loss

first_img Message* Full Name* Ken Griffin with Faena House at at 3315 Collins Avenue (Photos via Getty; Google Maps)Billionaire hedge fund manager Ken Griffin is bidding adieu to the ultra luxury Faena House in Miami Beach.Griffin sold his larger penthouse for $35 million and is in contract to sell his second penthouse, which is on the market for $12.5 million, according to the Multiple Listing Service. He paid $60 million for both units in 2015. At the time, the sale was considered a record for residential real estate in South Florida, but both units were never combined.Even if Griffin, the founder and CEO of his Chicago-based hedge fund Citadel, sold the second penthouse at asking price, he would still sell the units at a loss of at least $12.5 million.Oren Alexander of Douglas Elliman represented the buyer and seller of the larger unit, a four-bedroom, 7,433-square-foot condo. Ryan Mendell of Maxwell E. Realty is representing Griffin in the sale of penthouse B, a three-bedroom, 4,243-square-foot unit.Alexander declined to comment on the deal. Mendell could not immediately be reached for comment.The 44-unit Faena House at 3315 Collins Avenue, was developed by Alan Faena and investor Len Blavatnik.In September, the condo association sued the developer, general contractor and subcontractors for a laundry list of alleged construction defects at the 17-story building, including a broken elevator in the penthouse, missing art, cracking in the concrete and chalky paint.Some owners at Faena House, including Griffin, also have opposed the planned development of a 250-foot tall tower next door, to be developed by developer Vlad Doronin and investor Blavatnik.Griffin, a Daytona Beach native, has been assembling land in both Palm Beach and Miami Beach where he’s planning to build multimillion-dollar waterfront mansions. His Chicago-based Citadel Securities began operating a temporary trading room in Palm Beach at the start of the pandemic.On Miami Beach’s Star Island, Griffin has likely spent about $95 million on four waterfront lots, most recently shelling out $25 million for 10 Star Island Drive.On the island of Palm Beach, Griffin has paid more than $350 million for land.He owns some of the most expensive residential properties around the world, including in Manhattan, Chicago and London. In 2019, he closed on a $240 million apartment at New York City’s 220 Central Park South, breaking the record for the most expensive residential transaction recorded in the U.S.Contact Katherine Kallergis This content is for subscribers only.Subscribe Now Email Address*last_img