The Real Deal Miami

Priciest unit to date at 1 Hotel & Homes sells for $5.1M

Sales have revved up in past two weeks

May 19, 2015 12:45PM
By Sean Stewart-Muniz

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1 Hotel, Barry Sternlicht and Richard LeFrak

1 Hotel & Homes, Barry Sternlicht and Richard LeFrak

South Beach’s freshly opened 1 Hotel & Homes just saw its priciest condo sale to date: a $5.1 million unit on the 14th floor, sold to a a New York-based investment trust.

Unit 1419 is a three-bedroom, three-bathroom residence with more than 1,800 square feet. It was purchased by a company led by principals of the AG Mortgage Investment Trust, which stated that it manages a $3.5 billion investment portfolio as of March 2015.

The next most expensive sale was a $4.5 million unit on the 12th floor, which was sold to a company managed by an Ohio-based real estate lawyer.

Closings for the development’s tranche of 154 condos are accelerating: sales for 10 units have been recorded in the last two weeks, and another eight were recorded in the two weeks before that. Marketing materials show prices range up to $20 million for the project’s penthouses. The company filed condo documents in April stating 239 units, according to Peter Zalewski, principal of Condo Vultures and a columnist for The Real Deal.

Developers Richard LeFrak and and Barry Sternlicht said in December that the project had sold 100 of its units and had expected to sell out by the end of the tourist season. Fortune Development Sales is heading sales and marketing for the condo project at 2399 Collins Avenue.

The condo/hotel complex was formed after the developers purchased the majority of the former Paradiso’s condo units in 2012, as well as a neighboring hotel, formerly the Gansevoort Hotel Miami.

After years of renovations, the project’s 426-room hotel has opened, and condo contracts are starting to close.