UBS honcho pays $5.2M for Oceana Bal Harbour unit
Laurence S. Grafstein, managing director and co-head of mergers and acquisitions in the Americas for UBS, just paid $5.2 million for a unit at Oceana Bal Harbour.
Grafstein and his wife Rebecca closed on unit 1906-E at the new luxury condo tower at 10201 Collins Avenue, records show. Consultatio Bal Harbour LLC, an affiliate of the developer Eduardo Costantini, was the seller.
Oceana Bal Harbour has a total of four upper penthouses, including two that were under contract for $26 million each earlier this year. Records show at least 162 units have closed so far since it opened in November.
Grafstein has been managing director and co-head of M&A in the Americas for UBS Group AG since 2012. He was a former board member of Jabil Circuit, Inc., a U.S.-based global manufacturing services company headquartered in St. Petersburg, Florida.
The Grafsteins now join a list of millionaires and billionaires who own a slice of the 240-unit, 28-story luxury condo, designed by Arquitectonica. Architect Piero Lissoni designed its interiors, a private restaurant inside the tower and the penthouse bathrooms. Enzo Enea designed the pool deck landscape.
Other owners include Paraguayan magnate Jorge A. Riquelme, auto magnate Phillip H. Resnick and Nancy Resnick; Fidelity Investments portfolio manager Mark Notkin; Accenture managing director Paul Rakowski and Estee Lauder Companies vice president Amy DiGeso; and NetApp vice chairman Tom Mendoza.
Oceana Bal Harbour has an estimated $1.3 billion sellout, which if met would set a record in South Florida. The project would beat out Oceana Key Biscayne, also developed by Consultatio, which generated nearly $580 million in recorded closings.
The 5.5-acre site was formerly known as the Bal Harbour Beach Club before Consultatio purchased it in 2012 for $220 million. A year later, the developer closed on a $332 million construction loan from a group of lenders led by HSBC.
Source: The Real Deal