Thrive Capital Partner Acquires $27M Waterfront Miami Beach Estate with 325 Feet of Prime Shoreline

In a significant addition to South Florida's bustling luxury real estate market, prominent venture capitalist Kareem Zaki and his wife Raquel have purchased a historic waterfront Miami Beach property for $26.8 million. The transaction, finalized through the couple's Agape Sunset Land Trust, represents one of the latest high-profile acquisitions in the region's increasingly competitive high-end housing sector.

Historic Property Changes Hands After Two Decades

The 0.6-acre estate at 1350 West 29th Street, previously owned by Edmond and Robin Leidesdorf since 2003, features an impressive 325 feet of direct waterfront access. The Leidesdorfs, who originally acquired the property for $3.3 million, have seen their investment appreciate by over 700% during their 20-year ownership.

The transaction was facilitated by Michael Leduc and Mirce Curkoski of One Sotheby's International Realty, who represented the sellers. Fellow One Sotheby's agent George Burns brought the buyers to the table. According to county records, the Zakis secured an $18.8 million mortgage from Bank of America to finance the purchase.

Built in 1934, the historic 7,400-square-foot residence offers expansive living space with 10 bedrooms and seven bathrooms. The property features multiple luxury amenities including a separate guest house, dedicated staff quarters, a swimming pool, and perhaps most notably for maritime enthusiasts, a private dock capable of accommodating a 100-foot yacht. Initially listed for $34.5 million in August 2024, the final sale price represents a 22% discount from the original asking price.

Tech Investment Leader Makes Miami Move

Kareem Zaki brings significant financial credentials to Miami's growing tech-investor community. As a partner at New York-based Thrive Capital, Zaki has built an impressive portfolio with investments in numerous successful technology ventures including Affirm, Robinhood, and Stripe. The purchase strengthens Miami's reputation as an emerging hub for financial technology leaders and investors.

The Zakis are no strangers to high-profile circles. In 2019, they attended the Wyoming wedding celebration of Josh Kushner and supermodel Karlie Kloss, highlighting their connections to notable figures in both the business and entertainment worlds. This Miami Beach acquisition positions the couple within one of South Florida's most prestigious neighborhoods.

Legacy of Accounting Royalty

The property's seller, Edmond Leidesdorf, carries a distinguished financial lineage as the grandson of Samuel D. Leidesdorf, a pioneering figure in American accounting. The elder Leidesdorf gained prominence not only as Albert Einstein's personal accountant but also as the founder of S.D. Leidesdorf & Company, an influential early accounting firm.

Beyond his professional accomplishments, Samuel Leidesdorf established a remarkable legacy of philanthropy throughout New York City during the 20th century. His significant contributions to the New York University Medical Center and other institutions cemented his reputation as a generous benefactor. The accounting firm bearing his name eventually merged with Ernst & Young in 1978, which evolved into EY, now recognized as one of America's "Big Four" accounting firms.

Miami Beach Luxury Market Continues Strong Performance

This transaction adds to the impressive roster of recent high-value sales in Miami Beach's luxury market. The property's location near Sunset Island I and North Bay Road places it in one of the area's most coveted corridors, which has witnessed remarkable sales activity in recent months.

Notable among these transactions is the pending $105 million acquisition of a 2.3-acre estate by renowned spec developer Todd Glaser and his investment partners. Glaser's ambitious plans include either flipping the property at a projected value between $150 million and $175 million or redeveloping it into a spectacularly luxurious mansion with an anticipated listing price of $250 million.

The market's momentum is further evidenced by the $25.5 million sale of a 0.7-acre teardown property on nearby North Bay Road and Karlton Companies' record-setting $31.5 million sale of a waterfront spec mansion on Allison Island. These transactions collectively underscore the continued strength and appeal of Miami Beach's ultra-luxury real estate sector.

Real Estate Insights

What makes Miami Beach waterfront properties so valuable?

Miami Beach waterfront properties command premium prices due to their limited supply, breathtaking views, direct water access, and exclusivity. Properties with extensive waterfront footage like the Zaki acquisition (325 feet) are exceptionally rare. The ability to dock large vessels directly at your home provides unmatched convenience for yacht owners, while the year-round tropical climate allows residents to maximize enjoyment of these water-adjacent amenities.

Is Miami Beach seeing increased interest from tech investors?

Yes, Miami Beach and greater Miami have experienced a significant influx of technology investors and executives since 2020. Mayor Francis Suarez's pro-business policies and social media campaign to attract tech entrepreneurs have successfully positioned Miami as an emerging technology hub. The pandemic accelerated this trend as remote work became normalized, allowing executives from traditional tech centers like San Francisco and New York to relocate to Florida while benefiting from the state's favorable tax environment.

How does this sale compare to historical Miami Beach real estate transactions?

While the $26.8 million sale price is substantial, it remains well below Miami Beach's record transactions, which have exceeded $100 million. However, the property's appreciation from $3.3 million in 2003 to $26.8 million in 2025 represents an average annual growth rate of approximately 10.5%, demonstrating the exceptional long-term investment potential of prime Miami Beach waterfront real estate.

What trends are shaping Miami's luxury real estate market in 2025?

Key trends include increasing interest from financial and technology executives, continued development of ultra-luxury spec homes, growing international buyer presence as global travel normalizes, emphasis on resilient construction methods addressing climate concerns, and integration of advanced home technology systems. Despite periodic market fluctuations, Miami Beach's limited inventory of prime waterfront properties continues to support strong valuations.