Luxury Waterfront Property in Miami Beach Available for Monthly Rental at $55,000
Historic Sunset Islands Estate Enters Luxury Rental Market
A prestigious waterfront residence located in Miami Beach's coveted Sunset Islands community has recently been listed for rent at $55,000 per month. The property, situated at 1611 West 24th Street on Sunset Island III, is currently under the ownership of 1611 W 24 LLC, a company managed by controversial real estate figure Oren Alexander who acquired the property for $9.8 million in 2021.
This historic residence, originally constructed in 1938, spans an impressive 4,267 square feet and features four bedrooms and four-and-a-half bathrooms. Recent photographs suggest the property has undergone significant renovations to meet modern luxury standards while preserving its classic charm. The Corcoran Group's Isaac Lustgarten, who has a long-standing professional relationship with Alexander, is handling the rental listing which became available last week.
The property's location on Sunset Island III places it in one of Miami Beach's most exclusive enclaves, known for its privacy, security, and waterfront access. Interestingly, this rental property is located just one island away from Alexander's personal homesteaded residence on Sunset Island IV.
Background of Ownership Amid Legal Controversies
The timing of this rental listing comes during a period of significant legal challenges for the property's beneficial owner. Oren Alexander, along with his twin brother Alon and older brother Tal Alexander, are currently incarcerated while facing serious federal sex trafficking charges in New York. Their trial is anticipated to begin in early 2025.
The Alexander brothers were apprehended in December in the Miami Beach and Bal Harbour areas. Beyond the federal charges, Oren and Alon Alexander face additional legal trouble with sexual battery charges filed by the Miami-Dade State Attorney's Office. Multiple civil lawsuits have also been filed against the brothers by women alleging they were drugged and sexually assaulted.
Throughout these proceedings, the Alexander brothers have maintained their innocence, pleading not guilty to all criminal charges brought against them. Their legal representation has been actively engaged in addressing both the criminal charges and civil litigation.
From Real Estate Powerhouse to Legal Battlefield
Prior to their legal troubles, Oren and Tal Alexander had established themselves as formidable figures in the luxury real estate market. In 2022, they launched Official, a Side-backed brokerage with operations in both Miami and New York. This venture came after their departure from Douglas Elliman, where they had built substantial reputations as top-performing agents.
The relationship with Side has since deteriorated into litigation, with the white-label firm suing the Alexander brothers over alleged non-payment of a $5 million startup loan provided for Official's launch. However, recent reports indicate that attorneys for both parties have reached a confidential settlement agreement, resolving this particular legal dispute.
Side's business model focused on providing broker and back-end support services to Official, allowing the Alexander brothers to focus on client relationships and sales strategies. This partnership represented a significant business venture before their legal complications arose.
Family Assets Under Quiet Consideration
Industry sources have previously reported that the Alexander family has been discreetly exploring options to sell some of their Miami Beach holdings. This includes Oren Alexander's homesteaded property at 2135 Lake Avenue on Sunset Island IV, which was reportedly shown to potential buyers by Shlomy Alexander, the brothers' father and a prominent spec home developer.
According to these sources, the family has been seeking offers exceeding $50 million for the waterfront residence on Sunset Island IV. The current rental listing for the Sunset Island III property may represent part of a broader strategy to manage their real estate portfolio during ongoing legal proceedings.
The family's real estate holdings demonstrate their significant investment in Miami Beach's luxury market over the years, particularly in the exclusive Sunset Islands neighborhood. These properties represent substantial assets within the family's broader business interests.
Legal Developments and Future Outlook
Recent court proceedings in one of the civil cases have produced a notable ruling regarding anonymity. A judge has determined that a female plaintiff, currently identified as Jane Doe, must reveal her identity publicly if she wishes to continue pursuing her lawsuit against Alon and Tal Alexander. The plaintiff alleges she was drugged and sexually assaulted by the brothers.
The criminal trial scheduled for early 2025 will likely have significant implications not only for the Alexander brothers personally but also for the disposition of their extensive real estate holdings and business interests. The outcome could reshape their once-prominent position in the luxury real estate market.
Insights About Miami Beach Luxury Real Estate
How has the legal situation surrounding the Alexander brothers affected Miami's luxury real estate market?
While the direct impact is difficult to quantify, high-profile legal cases involving prominent market figures typically create ripple effects. Some clients may distance themselves from associated properties, while others see potential investment opportunities. The Miami luxury market has shown resilience, with other top agents filling the void left by the Alexander team.
What makes the Sunset Islands such a valuable Miami Beach location?
Sunset Islands represent some of Miami Beach's most exclusive real estate due to their limited inventory, waterfront access, privacy, and security. The island chain offers stunning views, deep-water dockage for yachts, and proximity to both Miami Beach amenities and mainland Miami, creating a perfect balance of seclusion and convenience.
Are luxury rentals at $55,000/month common in today's Miami market?
While high-end, five-figure monthly rentals represent a niche segment, they've become increasingly common in Miami Beach's luxury market. These properties typically offer amenities comparable to five-star resorts, complete privacy, and exclusive locations that justify their premium pricing to ultra-high-net-worth individuals and families.
How do legal issues impact property values in high-end markets?
Properties associated with legal complications sometimes experience price adjustments, particularly when owners need liquidation options. However, in exclusive neighborhoods like Sunset Islands, underlying property values remain resilient due to limited inventory and desirable location features that transcend temporary ownership issues.
What renovations typically add the most value to historic Miami Beach homes?
For historic properties like this 1938 residence, modernizing kitchens and bathrooms while preserving architectural character yields the highest returns. Additionally, incorporating smart home technology, upgrading outdoor entertainment spaces, and enhancing water access features (like docks and seawalls) significantly increase both rental and resale values in the waterfront luxury segment.
