The Witkoff-affiliated company bought a vacancy on the waterfront on Miami Bay’s North Bay Road for $ 8 million.
The New York-based investment and development group, led by Steve Witkoff, has reportedly bought nearly half the acres at 4766 North Bay Road. A company spokesman did not return a request for comment.
The seller was JPMorgan Chase, which bought the property at public auction in July 2019 for $ 5.4 million after seizing the previous owner, according to court records.
Online listings show the property listed at $ 8.4 million in October 2019, falling to $ 8.15 million in September. The buyer was represented by Oren Alexander of Douglas Elliman. The seller was represented by Lindsay McMinn from BHHS EWM Realty.
Last year, Steve Witkoff bought the Sunset Islands waterfront in Miami Beach $ 10 million. He is known in politics for his close relationship with President Donald Trump, who served with Trump Council for Economic Recovery and joining the president at public events.
North Bay Road has recently seen an influx of purchases. The waterfront site, once home to Colombian drug lord Pablo Escobar, was sold to developer Jarrett Posner, founder and chairman of New York-based BMC Investments, for $ 10.95 million. CEO of AmeriSave Mortgage Corp. paid $ 8.2 million on the waterfront in Miami Beach next to its headquarters on North Bay Road. Marcelo Claure bought the waterfront at 5,212 North Bay Road for $ 11.1 million. And hospitality mogul David Grutman closed the site of his next home for $ 10.3 million.