The Real Deal Miami

South Beach Setai $8.6M condo sale sets record

May 30, 2013 01:00PM

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From left, Setai in Miami Beach and Theory founder Andrew Rosen

From left, Setai in Miami Beach and Theory founder Andrew Rosen

The founder and co-owner of clothing brand Theory has purchased a condo at the Setai in Miami Beach, setting a new record in price paid per square foot for a non-penthouse unit, exMiami reported, citing broker Kevin Tomlinson.

Andrew Rosen purchased the three-bedroom, 2,521-square-foot unit for $8.6 million or $3,411 per square foot, Tomlinson said, adding that another record sale at the building could take place this week.

The sale represents a 74 percent premium over the median price per square foot paid for the building in the year ended April 30, according to a recent analysis by Douglas Elliman broker Arno de Vos.

The property was last sold in May 2012 for $6.75 million to New York developer The LeFrak Organization. [exMiami]Emily Schmall

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