Watching the buying and selling of units at Miami Beach’s Faena House is always a particularly interesting spectator sport. Most recently, Kanye West gave his wife Kim Kardashian West a $14 million unit there for Christmas.
Billionaire Ken Griffin, current holder of the most expensive piece of real estate in the country–a penthouse in New York City–spent $60 million on the penthouse in 2015, never moved in, and has been trying to unload it since last year, for $72 million
And he’s not the only Faena buyer currently trying to unload his unit. New York developer Edward Minskoff is asking $16.5 million for a unit he purchased for $15.3 million as an “impulse purchase.”
Former Saks CEO Stephen Sadove sold a unit in 2018 for just about what he paid for it, at $8 million, losing about $100,000 in the process. He had originally tried to flip the place for $14.5 million just after he bought it.
From the looks of the exquisite interior decoration though, whoever bought this unit, number 6C, intended to live there before putting it on the market for $6.3 million, a nice healthy profit over the $4 million it was purchased for in 2015. And in case you’re curious, it’s just one floor above Kim Kardashian’s new place.
The design of the pearly, white building, designed by Foster + Partners, architect Lord Norman Foster’s eponymous firm, is complemented by a rich, pastel interior that’s a swinging combination of 1970s glamour and 1930s Art Deco chic.
And perhaps they did live there for a while, but eventually grew tired of it, or restless, as wayward people with lots of money sometimes tend to be. Unit 6C appears to have been placed on the market as a very luxurious, very high-end rental, according to the listing history at Zillow, in early 2018. Listed first at $35,000 a month and then gradually reduced to $25,000, renting it didn’t work, so for sale it went in September.
“With a cleverly calculated layout, the emphasis was on the design of bespoke furniture, lighting, wall finishes and window treatments that would sit alongside vintage pieces and artwork.” says the broker’s spiel. That broker is Oren Alexander of Douglas Elliman, the same guy who sold Kim K her unit.