The Real Deal Miami

$5.2M penthouse sale raises the bar on Brickell

May 08, 2013 11:00AM

  • Print

Four Seasons Residences in Miami

UPDATED, 1:46 p.m., May 8: The sale of a 70th-floor penthouse at the Four Seasons Residences for $5.2 million has shattered the record amount paid per square foot in Miami’s Brickell corridor, according to the seller’s broker.

A “highly recognized European tennis” player paid more than $1,500 per square foot for the apartment in the tallest tower south of New York, where residents live with hotel-style amenities, the broker, Nelson Gonzalez, told The Real Deal.

The penthouse became the most expensive unit in the building, selling for as much as three times the average per square foot for housing in the fast-growing Miami enclave.

“It’s going to blow open the market on Brickell Avenue,” Gonzalez said, adding that residential real estate prices in neighboring buildings were hovering between $500 and $1,000 per square foot.

The buyer “really has faith because of what is happening in Brickell that the unit will gain a lot of value in the coming years,” Gonzalez was quoted earlier as telling Daily Business Review.

The seller, Miami spinal surgeon Ronald DeMeo, paid $4.15 million in July 2005 for the 3,452-square-foot unit, the newspaper reported, citing county records. The top-floor unit features a master suite and room-sized bath, as well as daily housekeeping and access to the hotel’s spa.  –Emily Schmall

MENU