Winston Capital CEO Acquires $29M Miami Beach Penthouse at Eighty Seven Park
David Burstyn, the CEO of Miami-based Winston Capital Management, recently secured a luxurious penthouse at Eighty Seven Park in Miami Beach for $29 million. The stunning property, located on the 17th floor of the Renzo Piano-designed building, boasts unparalleled ocean views, cutting-edge design, and a massive wraparound terrace. Despite its significant price tag, the purchase reflects a 27.5% discount off the original $40 million asking price. Let’s dive into the details of this notable acquisition, including the property’s unique features and its significance in Miami’s luxury real estate market.
The Property: A Masterpiece of Architecture and Design
Eighty Seven Park is a 66-unit, 18-story residential tower designed by Pritzker Prize-winning architect Renzo Piano. Completed in late 2019, the building sits at 8701 Collins Avenue, adjacent to the Surfside neighborhood. Known for its sleek, modern aesthetic and integration with nature, the building has attracted affluent buyers from around the world.
Burstyn’s penthouse spans 6,466 square feet and includes six bedrooms, six-and-a-half bathrooms, and a private elevator. A highlight of the property is the expansive 4,000-square-foot wraparound terrace, which provides panoramic views of the Atlantic Ocean, Biscayne Bay, and Miami’s skyline. Designed by renowned firm RDAI, the unit seamlessly combines luxury and functionality, featuring premium materials and meticulous attention to detail.
The Sale: A Remarkable Discount and Profitable Investment
The penthouse was originally listed at $40 million by Dina Goldentayer of Douglas Elliman, making the final sale price of $29 million a notable 27.5% reduction. Despite this discount, the seller achieved a substantial profit, having purchased the unit for $18.2 million in 2020. This transaction underscores the fluctuating dynamics of Miami’s high-end real estate market, where demand for luxury properties remains strong but pricing can be influenced by broader economic factors.
About Winston Capital and David Burstyn’s Vision
David Burstyn’s firm, Winston Capital Management, is a key player in real estate investment and lending. Beyond this recent purchase, Burstyn’s company has partnered with Brian Sidman’s BAS Holdings Investments to develop a massive mixed-use project in North Miami. The ambitious venture, Redwood Dev Co, aims to create nearly 2,200 residential units and over 121,000 square feet of commercial space. With more than 4,000 workforce housing units in its pipeline, Winston Capital is shaping the future of urban living in South Florida.
Burstyn’s acquisition of the Eighty Seven Park penthouse reflects both his personal taste and his broader investment philosophy, which emphasizes high-value properties in prime locations.
Eighty Seven Park’s Connection to the Surfside Tragedy
Eighty Seven Park’s proximity to the site of the Champlain Towers South collapse has drawn attention from investigators and the media. The National Institute of Standards and Technology (NIST) is examining the potential effects of nearby construction vibrations, including those from Eighty Seven Park, on the structural integrity of Champlain Towers South. While NIST’s findings remain preliminary, the connection underscores the importance of rigorous safety standards in luxury developments.
Why Miami Beach Remains a Hotspot for Luxury Real Estate
Miami Beach continues to attract high-net-worth individuals thanks to its vibrant culture, favorable tax policies, and prime coastal location. Properties like Eighty Seven Park exemplify the city’s appeal, offering a blend of architectural innovation and unmatched amenities.
Burstyn’s purchase is part of a broader trend of wealthy buyers relocating to South Florida, driven by lifestyle preferences and financial incentives. The luxury market in Miami has remained resilient, with limited inventory and strong demand contributing to competitive pricing.
Insights
Why did David Burstyn purchase the penthouse?
Burstyn’s acquisition aligns with his appreciation for premium real estate in strategic locations. The penthouse offers a unique combination of design, privacy, and investment potential, making it a valuable addition to his portfolio.
How does this sale impact Miami’s luxury real estate market?
The transaction highlights both the demand for exclusive properties and the willingness of buyers to negotiate significant discounts. It also underscores Miami’s status as a hub for affluent individuals seeking high-end living.
What makes Eighty Seven Park unique?
Designed by Renzo Piano, the building prioritizes seamless integration with its natural surroundings. Features like floor-to-ceiling windows, expansive terraces, and minimalist interiors set it apart from other luxury developments.
Is Miami’s luxury market expected to grow?
Yes, experts predict continued growth in Miami’s luxury market, fueled by an influx of wealthy domestic and international buyers, as well as the city’s evolving cultural and economic landscape.
How does Eighty Seven Park ensure safety?
The developers of Eighty Seven Park adhere to rigorous construction standards and regulations. While questions have been raised about neighboring projects, no safety concerns have been directly attributed to Eighty Seven Park itself.
By blending architectural brilliance, a prime location, and luxury amenities, Eighty Seven Park continues to set a high standard in Miami Beach’s real estate market. David Burstyn’s $29 million acquisition not only reflects the value of this iconic property but also reinforces Miami’s reputation as a destination for the world’s elite.
