The Real Deal Miami

What does $13,500 a night get you in South Beach?

Upper penthouse, also listed for sale for $11.85M, has direct ocean views

March 01, 2016 02:15PM
By Ina Cordle

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1 Hotel and Homes Penthouse 1720

UPDATED March 2, 2016 12:25 p.m.: A new, oceanfront penthouse at 1 Hotel & Homes South Beach is on the market, available to rent  starting at $13,500 a night.

Upper Penthouse unit 1720, a four-bedroom, four-and-a-half bath condominium has 2,792 square feet of interior space and 3,184 square feet, including balconies.

Jennifer Restrepo, owner of Five Star Luxury Travel, has the listing. The unit is the only four-bedroom top floor penthouse at 1 Hotel & Homes with direct ocean views from all the bedrooms and living areas, she told The Real Deal.

“Why would someone stay in a 3,000-square-foot condo versus a mansion?” Restrepo said. “A lot of people want the allure of a penthouse. Restaurants are at your fingertips, a spa, pool, room service, concierge…. And a person paying this kind of money wants safety and security, You have a lot more security with a condo than with a single-family home.”

The unit, at 102 24th Street in Miami Beach, was also just listed for sale by Restrepo and agent Ryan Kartheiser for $11.85 million, or $4,244 per square foot. The price marks the highest price-per-square-foot condo listed in the building, Restrepo said.

Designed by Deborah Aguilar, the penthouse is fully furnished in neutral colors of white and beige, natural materials and recycled woods.

A tour of the unit revealed an Italkraft gourmet kitchen with Italian cabinetry, a 10-foot long white quartz kitchen island, wine cooler and a variety of coffee makers, including a Nespresso maker and built-in Wolf coffee maker. The kitchen is outfitted with glassware, plates, silverware, pots and pans and other household items.

The limestone bathrooms have Dornbracht fixtures, soaking tubs, rainfall and waterfall showers affixed to floating limestone slabs that span the entire wall, according to the listing. The unit includes custom-designed walk-in closets, including his and her’s master closets.

The penthouse’s $13,500 nightly rate requires a two-night minimum stay, Restrepo said. She expects the rate to soar to as much as $25,000 a night during the holidays, on New Year’s Eve or during Art Basel Miami Beach.

So far, the unit was rented once for two nights at $13,500 a night, she said. Recently, two “really big” celebrities have inquired about it as well as a “so-so” celebrity.

Miami-Dade property records show the owner, River Rock III LLC, with an address in Far Hills, New Jersey, paid $9.075 million for the unit on Nov. 30, 2015.

Developed by Starwood Capital and LeFrak, 1 Hotel & Homes South Beach was completed last year on the site of the former Gansevoort Hotel. Amenities include four swimming pools; a spa and gym; Beachcraft restaurant, led by celebrity chef Tom Colicchio; an STK steakhouse and a SoulCycle.

Here is a video of the unit for rent: