Winston Capital Affiliate Acquires Bay Harbor Islands Waterfront Homesite For $18 Million
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.
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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Andrew Kurnit of DWNTWN Realty Advisors Arranges $19 Million Construction Loan For Redwood National Properties Opa-Locka Project
Andrew Kurnit of DWNTWN Realty Advisors, the premier commercial real estate firm, arranged a $19 million construction loan from City National Bank of Florida for a townhome development in Opa-locka, Florida. Real estate investment firm Redwood National Properties, in a joint venture with David Burstyn of Winston Capital Partners, LLC, plans to build 112 four-bedroom, two-and-a-half-bathroom units on the 10-acre site.
Andrew Kurnit of DWNTWN Realty Advisors, the premier commercial real estate firm, arranged a $19 million construction loan from City National Bank of Florida for a townhome development in Opa-locka, Florida. Real estate investment firm Redwood National Properties, in a joint venture with David Burstyn of Winston Capital Partners, LLC, plans to build 112 four-bedroom, two-and-a-half-bathroom units on the 10-acre site located at 1719 NW 143rd St.
The venture closed on the site acquisition concurrently with the construction financing on August 27th. Redwood is led by Brian A. Sidman of BAS Holdings Investments, LLC. Kurnit was engaged by BAS to provide financial analysis and capital advisory services for the project.
“Miami’s affordable housing crisis is extensively documented, and four-bedroom units are amongst the scarcest,” said Kurnit, head of DWNTWN’s capital advisory practice. “The project is unique for Miami as it contains enough acreage for townhome development, is both gated and lakefront and in close proximity to the region’s main employment and leisure drivers.”
The development will consist of 23 separate four and five-unit buildings and the developers intend to target Section 8 Housing Choice Voucher Holders in its leasing strategy. The community will be gated, lakefront and well-appointed, all rarities for affordable and workforce housing. Each unit will feature contemporary finishes, high-impact windows and lake views. Coastland Construction will be the builder. Redwood’s site is located within an existing 59-unit townhome development called The Mirage at Sailboat Cove, which was initially constructed in 2007.
The project is expected to begin delivering units in mid-2021, with full completion expected in early 2022.
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.