The Real Deal Miami

Setai unit picked up by international company for $11M

Unit could be a triplex

August 20, 2015 03:00PM
By Sean Stewart-Muniz

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Unit 3601 at the Setai

Unit 3601 at the Setai

A five-bedroom unit in Miami Beach’s Setai condo tower changed hands for $11.2 million, marking its second sale within 18 months.

Unit 3601, which takes up the entire western side of the Setai’s 36th floor, was sold to an international company in a deal that closed Wednesday, according to Miami-Dade property records.

Its previous owner, a company titled 3601 Setai, paid $10.75 million for the unit in March 2014. The company is managed by Coral Gables lawyer Michael J. Freeman.

A floor plan for unit 3601

(Click to enlarge) A floor plan for unit 3601

A year-and-a-half later, the unit has been sold for a $450,000 premium. The buyer is a company named Inter Oil Management. The company shares a name with several energy corporations that deal in oil and gas, though its address leads back to a financial consultancy named PMA, which is headquartered in Cyprus.

The unit measures 3,552 square feet, and its listing with Kendall Gables Realty Corp. describes it as the largest five-bedroom unit in the building.

A floor plan for the unit shows that it could be a triplex — its size is comparable to three units on the floor combined. Sales records indicate that the unit was always sold as a single residence.