The Real Deal Miami

Trust pays $7.4M for Continuum corner unit

Transaction marks first resale of unit

August 26, 2015 11:15AM
By Sean Stewart-Muniz

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Unit 2401 in the Continuum North Tower

Unit 2401 in the Continuum North Tower

A land trust just paid $7.4 million for a unit in the north tower in Miami Beach’s Continuum condo complex.

Unit 2401, which sits on the northeast corner of the building, was sold to a trust managed by South Florida lawyer Mark F. Grant, who specializes in real estate acquisitions and development.

The trust financed the deal with a $5 million loan from Wells Fargo Bank, according to Miami Dade County property records.

This is the first resale of the 2,872-square-foot unit. A company named Fuxya bought the unit directly from the developer in 2008 for $3.13 million. Seven years later, the owner — managed by a Panamanian corporation titled Dunedin Assets — has more than doubled the original investment.

Julian Johnston, Calibre International Realty

Julian Johnston

Julian Johnston of Calibre International Realty brokered the deal, Johnston said. The unit spans 2,874 square feet, three bedrooms, four bathrooms, one half-bathroom and a den. It also features terraces, high ceilings, and floor-to-ceiling windows and glass doors, he told TRD.

It was first put up for sale in July 2014 for $9.5 million. Listing agent Corrado Colini of Douglas Elliman wrote that the three-bedroom, four-and-a-half bathroom unit has designer finishes and “views dominating the Miami Beach coastline.”

Units in the 37-story north tower are hot commodities in the Miami Beach market, often attracting high-profile prices and well-known buyers. Last month,unit 2405 next door sold for $7.34 million, and the founders of the Rubin Museum of Art in New York purchased a unit in the building for $9.6 million.