A mysterious buyer is reportedly collecting apartment units in Ken Griffin's latest Miami real estate project.
The hedge fund boss, who has a net worth of $46.5 billion according to Forbes, plans to acquire 4.2 acres of land in 2022 and build a luxurious new 54-story headquarters for his company, Citadel. . The 1.7 million-square-foot building could include restaurants, a rooftop hotel, a waterfront terrace and a dock along the bay.
But an unidentified buyer continues to acquire the Solaris property, a 22-story apartment tower in the middle of Griffin's land. According to the Wall Street Journal.
A series of Delaware-based limited liability companies have purchased at least 67 units, nearly half of the tower's total condominiums, over the past two years, according to public records obtained by the newspaper.
Once a buyer owns 80%, or about 110 units, it could seize control of the property and force the remaining condo owners to sell their units before demolishing the building, according to the report.
It's unclear whether Griffin is the buyer in question, or whether someone else has bought up units in the tower with the intention of inflating list prices and selling them to Citadel bosses for pennies on the dollar.
The report said many building residents believed the mystery buyer was Griffin because the LLC listed the same agent that Griffin used for surrounding properties.
Citadel declined to comment.
Solaris opened in 2006 as a luxury apartment tower. Residents could enjoy the building's gym, spa, clubhouse, and pool deck.
But now, the 18-year-old building is beginning to show signs of age. The resident was recently assessed a $2 million assessment to repair the pool and garage.
Some unit owners say buildings that are much older than Solaris typically come with higher appraisals, and that the higher appraisals are an attempt to force Solaris out of the residential area. The magazine said that it has become the basis of conspiracy theories between people.
One resident told the Journal that he became suspicious after noticing that Citadel's real estate director was viewing Citadel's LinkedIn profile.
The mystery buyer paid about $750,000 for several two-bedroom units in the tower, which he said was far too little to get anything close to what he currently owns. residents say.
But some residents are hopeful they can squeeze more out of Mr. Griffin, whose apartment complex will have to be demolished to make way for his sprawling new headquarters, the paper reported.
In South Florida, where developable land is scarce, condo cancellations, where developers buy part of a building, tear it down and build a new one, are becoming more common.
Condominium owners complain that they are being forced into an unwelcome housing market for far more than they paid for their units.
Griffin, who moved his company from Chicago to Miami in 2022, said he believes Miami could one day overtake New York's Wall Street as more companies flee the city's high taxes and high crime rate. Ta.
