CLIENT NEWS: Crescent Heights co-founder sells Miami Beach mansion for $105M
August 25, 2025Sonny Kahn, the co-founder and partner of development firm Crescent Heights, and wife Suzanna Passi Kahn sold their waterfront mansion in Miami Beach for $105 million.
The 16,910-square-foot home at 5940 North Bay Road was purchased by 5940 NBR Owner LLC, managed by local spec home developer Todd M. Glaser. Nelson Gonzalez of Berkshire Hathaway Homeservices brokered the deal. MIDFL CS R250330 LLC, managed by Samuel Halpern, provided a $85 million mortgage to the buyer. Brett Holland of Holland & Knight represented the lender in the deal.
The home last traded for $2.4 million in 1991, but it was renovated several times over the years. Still, it had a huge gain in value as one of the largest home lots on Miami Beach. It was built on the 2.34-acre site in 1936.
Glaser is well known for renovating historic mansions and also replacing outdated homes with modern mansions. He’s sold dozens of luxury homes in Miami Beach and Palm Beach over the past decade. That includes a record $150 million deal on Tarpon Island in Palm Beach in 2024.
Glaser said his partners on the North Bay Road home are Jared Posner and Sean Posner. They are going to re-list the home for sale and see if they can flip it for a profit. Glaser noted that similar home lots in Miami Beach and Indian Creek Village have traded for even more per square foot this year, and a similar valuation would put the expansive North Bay Road lot at $150 million to $160 million. His group had the property under contract since January and attorney Charles Ratner helped with the closing, he added.
“It’s a triple-sized lot that you could never put together anymore,” Glaser said. “Someone could live in the house, then move out and knock it down, and move back in.”
If they don’t sell the house in five to six months, Glaser said he will tear it down and build a new mansion, targeting a $300 million price. While that is an astronomical price, Glaser said there is a market for it.
“How many houses are like that out there? Zero,” Glaser said. “If there are three potential buyers, I have a 99% chance one of them is going to buy it. There is no inventory like that.”
This deal on North Bay Road is not the most expensive in the history of the city. That is still a $120 million deal on Star Island that took place in March. However, Glaser is seeking to shatter that record with his North Bay Road home.
As for the seller, Kahn co-founded Miami-based Crescent Heights, a major multifamily and hospitality developer.
