The Real Deal Miami

Faena penthouse under contract for “record” price

Duplex condo was originally listed at $50 million in November 2013

April 25, 2014 09:45AM

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Faena Miami Beach rendering and Alan Faena

Faena Miami Beach rendering and Alan Faena

The Faena House condo listed for a record $50 million is now under contract.

A Faena Group executive and the broker representing the buyer told the Wall Street Journal a deal was reached for the sale of the duplex penthouse at Faena House. They did not disclose the buyer’s identity or sale price.

The unit was first listed in November 2013 with an asking price never seen before in Miami Beach. Zilbert International Realty broker Jeffrey Miller told the WSJ the penthouse sale would break the market’s pricing record once it closes. The current Miami Beach record is the $27 million sale of a Setai Resort and Residences unit in January 2013.

Faena’s five-bedroom, five-bathroom penthouse totals 8,273 square feet of interior space and about 10,000 square feet of exterior space. The unit includes a 70-foot-long rooftop pool with ocean views.

The condo component of Faena Miami Beach is now sold out, according to Faena Group executive vice president Alicia Goldstein.

Click here to read our profile of Alan Faena from our April 2014 South Florida Market Report. [WSJ]Eric Kalis

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