September 24, 2022

WeWork’s Adam Neumann to Pay $44 Million for Two Miami Beach Properties

WeWork founder

Adam Neumann

is in contract to buy adjacent properties at Miami Beach’s Bal Harbour Yacht Club marina for $44 million.

Adam Neumann



Photo:

Getty Images for WeWork

The off-market deal includes two parcels totaling 50,000 square feet and multiple slips in the marina, according to the seller, local investor Joseph Imbesi. One of the parcels includes an under-construction, 14,500-square-foot house, including covered outdoor space. The other is an empty lot. The parcels have roughly 360 feet of water frontage.

Mr. Imbesi acquired the site in the late 1990s as part of a larger $19 million transaction for 10½ acres in the area, The Wall Street Journal reported. In March, Mr. Imbesi listed a different property at the mouth of the Bal Harbour Yacht Club marina for $65 million.

“He’s got a clear view of the Bal Harbour yacht basin,” said Mr. Imbesi, who said his son Tony Imbesi was instrumental in developing the site. He said they gave Mr. Neumann a $1 million allowance for unfinished construction.

Securities filings in May show WeWork gave Mr. Neumann a stock award worth roughly $245 million, The Wall Street Journal reported. The award was part of a renegotiation of his 2019 exit package meant to end a dispute between the former chief executive and SoftBank.

Mr. Imbesi was represented by his son, an agent at Douglas Elliman and vice president of development at the family’s Flamingo Way Enterprises. Tony Imbesi declined to comment. Brett Harris, also of Douglas Elliman, represented the buyer. He couldn’t immediately be reached for comment.

Write to Katherine Clarke at [email protected] and E.B. Solomont at [email protected]

Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Appeared in the June 18, 2021, print edition as ‘Adam Neumann Signs a Big Buy.’

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