Patrick McMahon's $24.9M Surf Club Condo Sale to WorldQuant's Igor Tulchinsky
In a notable transaction within South Florida's luxury real estate market, hedge fund co-founder Patrick McMahon has sold his condominium at the prestigious Four Seasons Residences at the Surf Club in Surfside for $24.9 million. The buyer is an entity linked to Igor Tulchinsky, the founder and CEO of WorldQuant, a prominent asset management firm.
Details of the Transaction
Property records indicate that McMahon transferred ownership of unit N-1021 to 9111 CA Holdings LLC, a Delaware-based entity associated with WorldQuant's headquarters in Old Greenwich, Connecticut. The transaction was facilitated by John Sandberg of Compass, representing the seller, and Dina Goldentayer of Douglas Elliman, representing the buyer.
Profiles of the Buyer and Seller
Patrick McMahon is renowned for co-founding MKP Capital Management, a Manhattan-based hedge fund. In 2020, he and his wife, Kristen McMahon, acquired a 3.5-acre waterfront estate in Coral Gables for $18 million.
Igor Tulchinsky established WorldQuant in 2007 after a 12-year tenure at Millennium Management. Initially managing funds exclusively for Millennium, WorldQuant expanded its operations in 2018. As of July 2024, the firm managed $7 billion in assets for Millennium and an additional $10 billion in non-Millennium assets.
The Allure of Surf Club Four Seasons
Developed by Nadim Ashi’s Fort Partners and completed in 2017, the Surf Club Four Seasons is an oceanfront complex featuring two 12-story condominium buildings, a 72-key hotel, a private club, a restaurant by acclaimed chef Thomas Keller, and four swimming pools. The architectural design was a collaboration between Kobi Karp and Pritzker Prize-winner Richard Meier.
Since its inception, the Surf Club Four Seasons has attracted numerous high-profile buyers. In December 2024, Richard Ruben of Ruben Companies sold his unit to fellow developer Peter Fine for $14.3 million. Additionally, an entity linked to Apple sold a penthouse for a record $44 million last year.
Insights into the Luxury Real Estate Market
What makes Surfside's luxury real estate market appealing to high-profile investors?
Surfside offers a unique blend of exclusivity, oceanfront luxury, and proximity to Miami's vibrant cultural scene, making it highly attractive to affluent buyers seeking both privacy and access to urban amenities.
How has the Surf Club Four Seasons maintained its allure since its completion?
The Surf Club Four Seasons continues to draw interest due to its world-class amenities, architectural significance, and a roster of esteemed residents, reinforcing its status as a premier destination in South Florida's luxury real estate landscape.
What trends are emerging in South Florida's luxury condominium market?
There is a growing trend of hedge fund managers and tech entrepreneurs investing in luxury condominiums in South Florida, driven by favorable tax policies, a desirable climate, and the region's expanding financial sector.
How do recent sales at the Surf Club Four Seasons reflect broader market dynamics?
The high-value transactions at the Surf Club Four Seasons underscore the resilience and strength of South Florida's luxury real estate market, even amidst broader economic fluctuations.
What should potential buyers consider when investing in luxury condominiums in Surfside?
Prospective buyers should evaluate factors such as the property's appreciation potential, the reputation of the development, available amenities, and the overall market trends in Surfside to make informed investment decisions.
This transaction highlights the enduring appeal of South Florida's luxury real estate market, particularly within esteemed developments like the Surf Club Four Seasons. The involvement of prominent figures such as Patrick McMahon and Igor Tulchinsky further emphasizes the region's status as a hub for high-value property investments.
