Faena House, dubbed as the new billionaire beach bunker of Miami, houses billionaire hedgies and Wall Street's wealthy men.
Several financial moguls from New York, London and many other cities have been flocking to the 18-story waterfront tower in Miami Beach and is becoming their favorite pick even though it has just been completed last month.
Faena House is designed by Norman Foster. The clean design of the property compliments the stunning view of Miami Beach. Apparently it has everything that a millionaire desires, from gym, pool, spa, underground garage and concierge.
Some of the financial masters who have bought units in the new billionaire bunker include Goldman Sachs CEO Lloyd Blankfein, Citadel CEO Ken Griffin, Apollo Global's Leon Black and Brevan Howard's Alan Howard.
"It's like 15 CPW in that it's another hedge-fund building that's become an outlier and really stands out. Every developer hopes to create this kind of building, but they don't always click," said Jonathan Miller, president of appraisal and research firm Miller Samuel.
Faena has been compared by brokers and real estate analysts to 15 Central Park West in New York City, the condominium designed by Robert Stern wherein Blankfein and several billionaire hedge-funders reside.
According to CNBC, the 12,500 square-feet penthouse with 70-foot-long infinity pool purchased by Griffin at Faena costs $60 million. Blankfein got himself a unit on the eighth floor for $9.5 million. And Howard bought a unit on the fourth floor for $14.5 million.
Several non-finance persons are also present in Faena such as Jose Fanjul from Florida, who bought a $5.2 million unit on the eighth floor; Lionsgate Entertainment's Mark Rachesky, who paid $13.5 million for two 11th floor units; and Daryl Foster, CEO of Addison Lee, who paid $8.8 million for a seventh floor unit.
With millionaires setting records in buying properties in Miami, people can expect a bit of a surge in the prices of luxury properties in the vicinity.
Will you want to be neighbors with these financial titans in a billionaire beach bunker such as Faena House?
