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Faena House Condo Sells For 24 Percent Less Than Pre-Construction Price

Reality doesn’t seem to have matched the pre-construction hype at Faena House.

Billionaire Leon Black just sold off his condo unit there for $12.5 million – 24 percent less than he paid, according to The Real Deal. Joseph Moinian is the buyer.

An entity controlled by Black paid $16.5 million Unit 9-A in September 2015. Black likely purchased the unit at pre-construction pricing.

In May 2016, Black listed the unit for $18.5 million, and then dropped the price to $16.5 million a month later.

Black was one of several owners who have been trying to get rid of their units shortly after closing on them, including penthouse owner Ken Griffin. One hedge fund owner was reported to have called the Faena hotel a “piece of shit.”