An affiliate of David Burstyn's Winston Capital Management has acquired a premier waterfront homesite in Bay Harbor Islands for $18 million, marking a record land sale in the island community.
Property records show Winston Bay Harbor purchased the nearly half-acre parcel at 10312 West Broadview Drive from a family trust in an off-market transaction that closed this week. The sale agreement, signed by trustee Noah Burton, was recorded in May.
The north-facing waterfront property is expected to be redeveloped into a luxury speculative residence. The site offers enough development potential for an approximately 12,000-square-foot custom home, creating an opportunity for one of Bay Harbor Islands' largest new waterfront estates.
The transaction equates to approximately $914 per square foot of land. The property previously traded for $12.3 million in 2023, illustrating the rapid increase in values for premier waterfront homesites in Bay Harbor Islands.
Priscilla Burstyn of The Baron Agency represented the buyer in the transaction. The seller was represented by Zalmy Shapiro and Joel Lusky of The Brokerage South Florida, together with Jordan Karp of Jordan Karp LLC.
Burstyn serves as CEO of Winston Capital Management, a Miami-based real estate investment and lending firm. He is also a principal and co-founder of Redwood Dev Co, a development company focused on workforce and affordable housing communities.
The acquisition comes as Bay Harbor Islands continues to attract luxury residential investment due to its limited waterfront inventory and proximity to Bal Harbour, Surfside, and Indian Creek Island. The municipality has seen a series of notable residential transactions in recent years, including the 2024 sale of the waterfront estate at 9520 West Broadview Drive for just under $22 million. Earlier this year, another waterfront residence at 9640 West Broadview Drive sold for $21.8 million, establishing a new record for price per square foot in the community.
With demand for premier waterfront properties remaining strong and developable bayfront parcels becoming increasingly scarce, the acquisition at 10312 West Broadview Drive highlights the continued strength of Bay Harbor Islands' luxury residential market and the premium buyers and developers are willing to pay for exceptional waterfront homesites.
Images via Jordan Karp LLC
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An affiliate of David Burstyn's Winston Capital Management has acquired a premier waterfront homesite in Bay Harbor Islands for $18 million, marking a record land sale in the island community. Property records show Winston Bay Harbor purchased the nearly half-acre parcel at 10312 West Broadview Drive from a family trust in an off-market transaction that closed this week. The sale agreement, signed by trustee Noah Burton, was recorded in May.