The Real Deal Miami

Penthouse at the Miami Beach EDITION listed for sale

Unit purchased in February for $6M now listed for $7.8M

April 14, 2015 09:45AM
By Sean Stewart-Muniz

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Penthouse 1405 and Toni Schrager of Avatar Real Estate Services

Penthouse 1405 and Toni Schrager of Avatar Real Estate Services

A two-story penthouse at the EDITION Residences is on the market roughly two months after its preconstruction buyer closed on the unit.

Penthouse 1405, a 2,268-square-foot residence, sold in February for $6 million to a company tied to investment firm Fairholme Capital Management, headed by Bruce Berkowitz.

Listing agent Toni Schrager of Avatar Real Estate Services told The Real Deal that the unit was under contract in January 2013. After the buyer closed, he realized he would be spending all of his time in New York, so he put it back on the market, she said.

Now, the unit is listed for $7.8 million.

The penthouse has bleached teak-wood floors, floor-to-ceiling glass windows and a rooftop terrace.

Toni Schrager is the sister-in-law of Ian Schrager, hotelier and development partner of the Miami Beach EDITION hotel and condo project.

The unit is one of 25 luxury condos adjacent to the 293-room hotel. A wide variety of high-powered individuals have bought condos at the EDITION, ranging from investment groups to executives and Bollywood actress Poonam Khubani.

Located at 2901 Collins Avenue, the hotel was built at the site of the former Seville Beach Hotel and opened in late 2014. Marriott International partnered with Schrager to develop the project, and later sold the hotel for $230 million in cash to the Abu Dhabi Investment Authority.