The Real Deal Miami

Midtown’s most expensive penthouse sells for $2M

Condo was part of 538-unit distressed purchase in 2011

April 07, 2015 01:30PM
By Sean Stewart-Muniz

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The penthouse in Midtown 4

Midtown just saw its priciest condo trade hands for $2.15 million, The Real Deal has learned.

The penthouse, in the Midtown 4 condo tower at 3301 Northeast 1st Avenue, was originally bought vacant during a massive 538-unit purchase by the investment group Gold Krown Financial in 2011.

The distressed units were bought out of foreclosure after HSBC repossessed them.

Ronald Krongold, who leads Gold Krown, told TRD that the team started marketing the units once demand for places to live in Midtown began growing. But they held the penthouses off the market until prices were right.

Now, Midtown penthouses start at $1.14 million, and this latest sale was one of the few units left in Krongold’s inventory. Krongold declined to disclose the buyer.

The 3,376-square-foot residence has three bedrooms, three bathrooms, floor-to-ceiling windows and interiors by RS3 Design.

“This is a bargain,” Krongold said. “This is one-third the cost of a Miami Beach penthouse.”