In early September the first of the four highly anticipated Faena condo towers (see all available Faena condos for sale here) reached completion. Faena House, or the 3315 Tower condominium, stands 18 stories and houses 44 ultra-luxury units. Transactions for the project started to be recorded on September 3, according to deed records in Miami-Dade County.
It wasn’t long before names of buyers started coming out in the world of real estate news. It certainly comes as no surprise that many of those buyers are highly recognizable players in finance and other high-powered industries.
Timeline of Early Faena House Sales
On September 25, real estate publication The Real Deal reported that the rooftop penthouse at Faena had sold for an astonishing $60 million, a price that shattered the existing Miami residential record by $13 million. With eight bedrooms and 9900 sq. ft. in exterior living space alone (featuring a 70 ft. rooftop infinity pool), the 12,516-sq.-ft. luxury pad went for just under $4800 per sq. ft.
By early October TRL learned that the penthouse had been purchased by Kenneth Griffin, the billionaire hedge fund manager and CEO of Citadel, an investment company. This revelation shouldn’t have come as a surprise as Griffin has reportedly spent nearly $300 million on luxury real estate in New York, Chicago, and Miami Beach over the past couple of years.
On the heels of Griffin’s massive purchase came the sale of unit 9-B, to Brian and Randye Kwait of Greenwich, Connecticut. Brian Kwait is one of the founders of Odyssey Investment Partners, a private equity firm that has raised over $5 billion in funds since its inception in 1998. The Kwaits will enjoy 5400+ sq. ft. of luxury, including four bedrooms, five bathrooms, and an elevator that serves as the unit’s entrance.
On September 30 TRL revealed that yet another one of Faena House’s premium condos had sold. This one, on the sixth floor, was purchased by Aventura-based company ABF6A LLC for $11.75 million. Unit 6A boasts four bedrooms, six bathrooms, and more than 4700 sq. ft. of living space, plus a terrace nearly a third the size of the condo itself.
TRL again reported on a Faena House buyer on October 12, this time the CEO of a London-based transportation company called Addison Lee (a competitor of Uber). Daryl Foster, also a shareholder in Infinity Creative Media Ltd., shelled out $8.8 million for a handsome 5466-sq.-ft., four-bedroom, five-bathroom piece of the Faena pie. Unit 7B has 4165 sq. ft. inside and 1301 outside. Foster’s address on the deed was listed in Monaco.
The list of elite buyers into the luxury condo building continues with names like Mark Rachesky (CEO of Lions Gate Entertainment), Goldman Sachs chairman Lloyd Blankfein, and sugar mogul Jose F. Fanjul, Jr.
With this phase of the project sold out, developers Alan Faena and Len Blavatnik turn their focus to the remaining towers – Faena Hotel (the former Saxony Hotel), Faena Versailles Contemporary, and Faena Versailles Classic.