David Edelstein's Tricap Acquires Waterfront Home In Miami Beach For $25.5M With Citizens Bank Financing

The transaction involves a single-family waterfront home located at 6380 North Bay Road in Miami Beach, FL. The property spans 4,494 square feet and was sold for $25,500,000, resulting in a price per square foot of $5,674. The home was previously sold for $9 million in 2020 and is currently utilized as a renovated beach bungalow, with potential for redevelopment into a larger mansion.

Summary of transaction details:

• Property Type: Single Family
• Transaction Amount: $25,500,000
• Buyer: David Edelstein - Tricap
• Seller: Barbara Lane; Richard Lane - Olnick Organization
• Buyer's Representative: Zachary Vichinsky - Bespoke Real Estate
• Seller's Representatives: Jill Hertzberg & Danny Hertzberg - Coldwell Banker
• Lender: Citizens Bank NA
• Financing Amount: $16,575,000

A firm led by David Edelstein facilitated the acquisition of the property from Richard and Barbara Lane. The transaction involved representation from the Jills Zeder Group alongside Bespoke Real Estate, highlighting the collaborative effort between the brokerages in this significant sale.