Virginia's Nussbaum Family Buys $4.35 Mil Fisher Island Condo

MIAMI BEACH, FL-Leon Cohen's American Leisure Resorts of New York didn't have a long wait before turning a gross profit of 40% on an eight-year-old asset purchased in March 1999 for $3.1 million.

By Alex Finkelstein | Updated on November 06, 2000

MIAMI BEACH, FL- Fisher Island is synonymous with exclusivity on this eight-square mile tourist and celebrity mecca, a fact that has not gone unnoticed by the Nussbaum family of Great Falls, VA.

The family’s investment vehicle, Heirs Funding, paid New York-based American Leisure Resorts $4.35 million or $637.83 per sf for a 6,820-sf condominium. That square-footage is roughly the size of two large three-bedroom, two-bath convention residences in a traditional neighborhood.

American Leisure’s president Leon Cohen paid $3.1 million or about $455 per sf for the eight-year-old asset in March 1999, a gross profit of 40%.

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