Omar Horev, who owns the Pura Vida restaurant chain along with his wife, Jennifer, flipped a waterfront teardown in Miami Beach for $13.7 million, 11 percent more than its purchase price six months ago.
Property records show Horev Real Estate Holdings, a Delaware entity managed by Omer Horev, sold the home at 4525 Pine Tree Drive to an entity led by Joseph A. Schottenstein, tied to Columbus, Ohio-based Schottenstein Property Group.
4525 Pine Tree Drive (Redfin/Oren Alexander)
The 5,744-square-foot, six-bedroom, six-and-a-half bathroom house has 100 feet of waterfront along the Intracoastal Waterway. The listing states it’s a building opportunity.
Horev bought the home in December for $12.3 million, records show. It was listed in May for $14 million, according to Redfin.
Oren Alexander, who left Douglas Elliman with his brother Tal this month to start Official with the white-label brokerage Side, represented both sides of the deal. He confirmed it was one of the last ones he completed as an Elliman agent.
4525 Pine Tree Drive (Redfin/Oren Alexander)
The Horevs still own property on Pine Tree Drive. They bought the waterfront home at 5401 Pine Drive in December for $6.8 million.
They are also expanding their Pura Vida restaurant chain, which they founded in 2012. They opened their tenth restaurant in February.
Schottenstein Property Group describes itself as an “owner, operator, acquirer and redeveloper” of community and neighborhood shopping centers, according to its website.
Joseph Schottenstein is the son of American Eagle Outfitters CEO Jay Schottenstein, who lives in Miami Beach, according to his LinkedIn. Jay Schottenstein and his wife, Jean, sold their oceanfront Key Biscayne condo at 1101 Grand Bay Tower last year for $5 million.
The latest sale underscores the continued strength of the Pine Tree Drive luxury market in Miami Beach, despite experts’ concerns the overall nationwide market is heading for a slowdown.
This month, Joel Meyerson, CEO of Miami-based Pure Source, a vitamin making company, sold his waterfront estate at 4701 Pine Tree Drive for $27.7 million.
In March, David and Leila Centner sold the newly built waterfront mansion at 5465 Pine Tree Drive to Nicholas and Susan Maounis for $26 million.
In January, Alan Faena’s former partner, Ximena Caminos, sold the non-waterfront home at 5454 Pine Tree Drive to a company led by Miguel Bracamontes Baz for $6 million.
