A mystery buyer is secretly snapping up condos in a 22-story tower flanked by billionaire Ken Griffin’s empire
Citadel CEO Ken Griffin owns a four-acre project in Miami’s financial district. On it are three parcels that he is said to have spent $669.5 million on. On one lot, he is building a 54-story glass tower Headquarters For his investment company. It is supposed to combine offices, a hotel on the upper floors, restaurants and perhaps even a pier. When the project was first proposed two years ago, its cost was estimated at $1 billion.
But in the middle of the extraordinary site is a 22-story residential tower called Solaris, and someone is secretly buying up individual units in the building, with all-cash purchases. according to the Wall Street Journal.
Citadel isn’t the only company to make this leap; Wall Street South appears to be catching up. Recently, JP Morgan Chase and Goldman Sachs doubled the size of their offices in Miami, enhancing its ability to become a famous financial center. And it happens that center American policy is not so far behind.
The mystery buyer, or buyers, depending magazinecan only be identified through LLCs based in Delaware. LLCs have so far bought about half of the units in Solaris over the past two years, the publication reported. Once this percentage reaches 80%, the buyer takes control of the property, subject to tax magazine, So anyone who still owns their place may have to sell and the owner could tear it down.
So the question is, who is the mystery buyer? Is Griffin trying to complete the waterfront development? Or is he someone looking for a payday, so he buys the only property in the neighborhood that the billionaire doesn’t control and sells it to him? Bloomberg puts Griffin net worth In the amount of $42 billion; His hedge fund manages $64 billion in assets.
Some remaining Solaris unit owners seem to think it’s a griffin, according to magazine. But it is not clear why he secretly purchased the units because he owns the surrounding buildings, something everyone knows; Although it is common for wealthy people to purchase real estate using an LLC.
The LLC paid about $750,000 for some two-bedroom units, per magazinewhich residents said wouldn’t get them anything comparable. The LLCs that bought commercial properties surrounding Griffin list the same registered agent as the Delaware-based LLCs, they told magazine. Apparently, one unit owner said they noticed that the Citadel’s global head of real estate looked at their LinkedIn profile. Others believe the $2 million repair assessment is an attempt to alienate them. But some believe that if Griffin was the one who bought the units and they held out, he would have to pay more — and perhaps much more, if he really wanted to tear down the tower.
Presumably this isn’t the first time for Griffin, who according to magazineoften acquires the properties surrounding his purchases, having previously purchased seven multi-million dollar properties on Miami’s Star Island. Not to mention that he has file From properties throughout South Florida, New York, London and St. Tropez.
The castle declined to comment.
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