Updated Dec 4, 2024
Donald Sussman Sells Waterfront Mansion At 5 Harborage Drive Fort Lauderdale For $70M
5 Harborage Drive
$70,000,000
$3,500/SF
Building Size
20,000 SF
Asset Type
Single Family
Closing
Sep 5, 2024
About this deal
AI
The property involved in this transaction is a single-family home located at 5 Harborage Drive in Fort Lauderdale. It has a total acreage of 2.7 acres and features a substantial square footage of 20,000. The sale price for the property was $70,000,000, resulting in a price per square foot of $3,500. The mansion includes 1,035 feet of water frontage.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $70,000,000
- Address: 5 Harborage Drive
- Market: Fort Lauderdale
- Square Footage: 20,000
- Price Per Square Foot: $3,500
- Seller: Donald Sussman - Paloma Partners Management Company
- Buyer's Intended Plans: Demolish the main house and build a new one
The transaction was facilitated by brokers Michelle Howland and Tim Elmes from Compass. Donald Sussman set a Fort Lauderdale record with this sale, having acquired the property for $27.5M in 2016 and initially listed it for $98M.
Players
Fort Lauderdale Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Deal FAQ
About $3.5K per square foot on a published $70M for 20,000 square feet (2024).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93