Syracuse, N.Y. – Scrap metal mogul Adam Weitsman is selling his spectacular oceanfront Miami penthouse condo, and last week sold a former New York college campus he acquired two years ago.
Fresh from unloading two of his Skaneateles Lake mansions for a cool $23 million, Weitsman has found a buyer for his nearly 12,000-square-foot beachfront penthouse in the Miami suburb of Sunny Isles and on Thursday sold the former Davis College campus in Johnson City in New York’s Southern Tier.
Weitsman told syracuse.com | The Post-Standard on Friday his latest real estate deals are part of his strategy as a property developer and investor. Even as he’s selling properties, he’s buying others, including Carl Sagan’s Ithaca home, which Weitsman snapped up late last year for $2 million.
Weitsman, owner of Owego-based Upstate Shredding, bought the Miami condo in a luxury high-rise two years ago for $22 million after reportedly seeing photos of it on Instagram.
The fully furnished condo occupies the top two floors of the 57-story Jade Signature tower. It boasts six bedrooms and 9.5 baths, including a two-level primary suite complete with a gym, sauna, steam room and jacuzzi overlooking the Miami skyline, Atlantic Ocean and Intracoastal Waterway.
In addition, the condo features 12-foot ceilings, floor-to-ceiling glass walls, marble flooring throughout and over 7,500 square feet of covered wraparound terraces with sweeping views.
He listed it last year for $39 million and later dropped the price to $35 million. The condo is now listed as being under contract. The price won’t be publicly disclosed until the sale closes.
Weitsman bought the former Davis College campus for $3.4 million in 2020 and planned to establish a basketball academy there. Those plans were interrupted by the Covid-19 pandemic.
In 2020, he sold two 12-unit apartment buildings that were part of the campus for $1.25 million.
He put the rest of the campus up for sale in 2023 for $6 million. On Thursday, he sold the campus to developer David Drew for $4.5 million.
Weitsman said Drew plans to transform the campus into 75 apartments called Riverside Gardens.
The development will also include a restaurant, a gymnasium and a post office. Weitsman said he will stay on as a partner in the project, with just under a 10% share.
“It’s always been very important to me to find a buyer that had the ability to see the history and untapped potential of Davis College and advance a project that would benefit the community as a whole,” he said in a statement.
“This deal has been years in the making, and I’m so excited to help bring new life and transform this site with a developer who sees the value our region has to offer.”
Weitsman sold the former Kenan estate on Skaneateles Lake last year to prominent local philanthropist Samuel Nappi and his family. The nearly $18 million sale set a new record for a single-family residential property sale in Onondaga County.
Weitsman bought the 19th century estate, also known as the Mingo Lodge, from longtime Pyramid Cos. partner Bruce Kenan in 2021 for $13.1 million.
In March, the scrap metal magnate and entrepreneur sold a mansion a few doors down from the Kenan estate to a Rochester family for $5.3 million. He paid $6 million for the home in 2022.
Following that sale, he told syracuse.com | The Post-Standard he was looking to simplify life as he gets older and wants to own fewer homes.
“I’m getting older,” said Weitsman, 56. “I’m simplifying my life. I don’t want to own all these homes.”
He reiterated his statement on Friday, noting that he has made a handsome profit on most of his property sales.
He continues to own the Skaneateles mansion where he lives, as well as four Skaneateles restaurants -- The Krebs, Elephant and The Dove, Hidden Fish and Clover’s Cafe.
And, while he’s selling some of his holdings, Weitsman isn’t done buying things.
Just last month, he cut a deal to acquire the intellectual property of GLOSSLAB for $100,000 as part of a bankruptcy sale of the nail care brand.
Weitsman is bringing in former Revlon executives Debra Perelman and Martine Williamson and former Farfetch executive Jeffrey Fowler to turn the brand into a beauty product-oriented lifestyle brand.
— Adam Weitsman (@AdamWeitsman) March 8, 2025FOR IMMEDIATE RELEASE
GLOSSLAB Announces Acquisition by Adam Weitsman, Charts Course for Strategic Growth
NEW YORK, NY (March 7, 2025) - GLOSSLAB, the innovative hygiene-first nail care brand, announces its acquisition by New York-based entrepreneur/industrialist Adam…
And in December, he bought the late astronomer and planetary scientist Carl Sagan’s 1926 Egyptian Revival Style home near Cornell University in Ithaca for $2 million, with plans to renovate it.
He’s also become a notable digital art collector.
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