The Real Deal Miami

Miami Beach Edition unit trades for $5.8M

Unit is one of five units still unsold at tower

September 14, 2015 01:30PM
By Sean Stewart-Muniz

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A rendering of the Miami Beach Edition's rooftop residence (not the unit sold in this article)

A rendering of the Miami Beach Edition’s rooftop residence (not the unit sold).

A ninth-floor condo at the Miami Beach Edition was just sold for $5.8 million, and its new owners are a pair of executives from New York.

Unit 901, which boasts ocean views from all of its three bedrooms and three bathrooms, was sold in a deed filed Friday, according to Miami-Dade County records. The unit was one of a handful still unsold by the developer, a partnership between Ian Schrager and Marriott International, since the building was completed in 2014.

Some of the unit’s other features include floor-to-ceiling glass windows, Miele and Sub-Zero appliances in the kitchen, terrace with access from the master bedroom and a private entrance from the building’s elevators.

Chris Leavitt of Douglas Elliman represented the developer for the sale.

The buyer is Punjab RE LLC, a company managed by Nasser Ahmad, Romita Shetty and Kuljinder Chase. A $4.35 million loan from Credit Suisse Lending was used issued alongside the purchase.

Reports say that Ahmad and Shetty are a married couple living in New York. The two are veteran financiers, and both work at a global investment company called DA Capital.

Chase is a portfolio manager at WCG Management, which specializes in “discretionary, global macro investing,” according to the company’s website. It’s unclear with Shetty and Ahman bought the unit as a personal purchase, but corporate records show that their address is listed as a private townhouse in Manhattan, and not that of DA Capital.

If the couple did pick up the unit as a second  home, they are joining an interesting mix of buyers at the Edition. Records show that building’s 26 units have been sold to a Bollywood actress, a South Florida veterinarian and an alphabet soup of LLCs.