Another landmark transaction has closed on Miami Beach’s coveted North Bay Road. A prime waterfront parcel at 5840 North Bay Road has sold for $22,850,000, marking one of the highest land sales in the prestigious estate section.
Cyril Matz with Douglas Elliman represented the buyer, while Zachary Vichinsky with Bespoke Real Estate and Jill Hertzberg at Coldwell Banker Realty held the listing.
Spanning 150 feet of direct bay frontage, the expansive lot offers unobstructed views of Biscayne Bay and the Miami skyline. With the ability to build up to 13,587 square feet, the property presents a rare opportunity to develop a multi-structure compound in one of Miami’s most elite enclaves.
"Significant transactions like this continue to reaffirm North Bay Road’s status as one of South Florida's most sought-after addresses,” said Matz. “Opportunities of this scale are exceedingly rare, and the momentum we’re seeing on this street speaks to the enduring appeal of waterfront legacy estates.”
This transaction further underscores the growing demand for premier bayfront real estate in Miami Beach. Last month, Matz was involved in another notable North Bay Road sale, a $40 million off-market trade of a Kobi Karp-designed estate. Another deal that made headlines was the record purchase by David and Victoria Beckham of a neighboring estate for $80 million last year.
