Consumer products CEO Chuck Khubani drops $18.5M at Faena House
A second condo, unit 8B, also sold for $9M
November 18, 2015 09:45AMBy Katherine Kallergis
Renderings of Faena House (inset: Chuck Khubani)
Ashok “Chuck” Khubani, the founder and CEO of Ontel Products and brother of AJ Khubani, is among the buyers at the exclusive Faena House, county records show.
Ask Florida LLC, a company led by Chuck Khubani and family members, purchased unit 10A for $18.5 million, or $3,911 per square foot. The 4,730-square-foot residence includes at least four bedrooms and six bathrooms. It also features a 1,516-square-foot terrace. The sale was recorded on Tuesday.
Chuck Khubani founded the consumer products company in 1994, according to Ontel’s website. Those products include the Iron Wonder, dryer balls, microfiber cloths, the Swivel Sweeper and Pillow Pets. Ontel’s brands have been sold in more than 80,000 stores in the United States and more than 30 countries.
Khubani’s brother, AJ, CEO of the “As Seen on TV” infomercial giant Telebrands, is also active in Miami Beach real estate. He and his wife, Bollywood actress and producer Poonam Khubani purchased units at the Miami Beach Edition last year. Poonam Khubani listed a penthouse at the Edition for $27.5 million in October.
Back at Faena House, another unit closed this week. MBFH LLC, a Jericho, New York-based company led by Andrew M. Levine, paid $9 million for unit 8B, according to Miami-Dade County records.
Buyers at the elite Mid-Miami Beach tower include billionaire Ken Griffin, who paid $60 million for two penthouse units; British billionaire Alan Howard, who paid $14.5 million for unit 4A; and Goldman Sachs Chairman and CEO Lloyd Blankfein, who paid $9.5 million for unit 8A.
Griffin’s purchase set a new record for condos in Miami-Dade County, and even beat the record price for a single-family home that previously belonged to the $47 million home at 3 Indian Creek Island Road.
In October, a third Faena penthouse closed for $29 million.
Faena House marks the first of four planned oceanfront condo towers in the ultra-luxury project, which stretches from 3200 to 3500 Collins Avenue. The 42-unit, 18-story tower was designed by Foster + Partners.
Source: The Real Deal