Citadel CEO Ken Griffin owns a four-acre development in Miami’s financial district; there are three parcels of land he reportedly spent $669.5 million to buy. On one plot, a 54-story glass tower is under construction residence for his investment company. It should combine offices, a hotel on the upper floors, restaurants and maybe even a pier. When he first proposed the project two years ago, it cost $1 billion.
But in the middle of the extraordinary area is a 22-story condominium tower called Solaris, and someone is secretly buying individual units in the building in cash purchases. according to has The Wall Street Journal.
Citadel is not the only company making the leap; Wall Street South seems to be catching up. JP Morgan Chase and Goldman Sachs They have recently doubled theirs office space In Miami, boosting its potential to become a famous financial center. And it happens the center American politics is not that far off.
According to the mystery buyer, or buyers The magazineIt can only be identified through limited liability companies domiciled in Delaware. So far, LLCs have bought half of the Solaris units in the past two years, the publication reported. When that reaches 80%, the buyer takes control of the property, depending magazine, so anyone who still has their place could be forced to sell and be evicted by the landlord.
So the question is, who is the mystery shopper? Is Griffin trying to complete his waterfront development? Or is it someone looking for a paycheck to buy and sell the one asset the millionaire doesn’t control around? Bloomberg puts Griffin’s net worth 42 billion dollars; his hedge fund manages $64 trillion in assets.
Other Solaris unit owners seem to think it’s Griffin The magazine. But it is not clear why he would buy the units secretly since he owns the nearby buildings, everyone knows that; although it is common for the wealthy to purchase real estate using an LLC.
LLCs paid about $750,000 for some two-bedroom units, The magazineas the neighbors said, they would not get a match. The LLCs that bought the commercial properties near Griffin list the same registered agent as the Delaware-based LLC, he was told. The magazine Apparently, the owner of one unit said that Citadel’s global real estate manager looked at them LinkedIn the profile Others believe the $2 million remedial assessment is an attempt to drive them out. But some believe that if Griffin buys the units and holds on to them, he will have to pay more, perhaps a lot more, if he really wants to tear down the tower.
It’s apparently not a first for Griffin, according to him The magazinehe often acquires properties around his purchase, having previously purchased seven multi-million dollar properties on Miami’s Star Island. Needless to say, he has one the wallet South Florida, New York, London and St. Among the properties in Tropez.
Ciudadela declined to comment.
