An affiliate of David Burstyn’s Winston Capital Management paid $18 million for a waterfront home lot in Bay Harbor Islands, likely a record for land sales in the island town.
A family trust sold the nearly half-acre property at 10312 West Broadview Drive to Winston Bay Harbor, according to a source and property records. Priscilla Burstyn of the Baron Agency represented buyer in the off-market deal. Zalmy Shapiro and Joel Lusky of the Brokerage South Florida, alongside Jordan Karp of Jordan Karp LLC represented the seller.
Noah Burton, a trustee, signed an agreement outlining the sale that was recorded in May.
The sale closed on Monday and breaks down to $914 per square foot. The developer plans a spec home on the lot, which faces north. The property previously sold for $12.3 million in 2023.
Burstyn is CEO of Miami-based Winston Capital Management, a real estate investment and lending firm. Burstyn is also a principal and co-founder of Redwood Dev Co, a workforce and affordable housing development firm.
Bay Harbor Islands’ priciest single-family home sale is the 2024 trade of the eight-bedroom, 10-bathroom home at 9520 West Broadview Drive. That sold for just under $22 million. Earlier this year, developer Menachem Kranz sold the 8,000-square-foot home at 9640 West Broadview Drive for $21.8 million, which marked a record on a per-square-foot basis at $2,700 a foot.
The town is immediately north of Indian Creek Island, near Bal Harbour and Surfside.
Bay Harbor Islands has significant price growth post-pandemic, like other coastal markets in South Florida. Earlier this year, soccer legend Ronaldo Luís Nazário de Lima, known as Ronaldo, paid $7.8 million for a penthouse at Onda, a waterfront condo development at 1135 103rd Street.
Developers and investors have also flocked to the town. Other new projects include three luxury apartment buildings by Clara Homes, Continuum Company’s two-phase La Baia condo development, VDA Origin Miami, Landau Properties and Taubco’s One Kane Concourse office building, and Terra’s 113,000-square-foot, five-story Well office and retail development. The Well was recently completed, and tenants include Dwight Capital and Tom Brady’s TEB Capital Management.
Last year, One Sotheby’s International Realty took over sales and marketing of 9900 West, a waterfront condo project that the Horizon Group is developing at 9900 West Bay Harbor Drive.
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