The Real Deal Miami

Brazilian entrepreneur buys new Mid-Beach penthouse: $14M

First recorded sale is the priciest for the eight-unit, 10-story project

June 01, 2016 09:50AM
By Katherine Kallergis

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Rendering of Beach House 8 and Mario Garnero

Rendering of Beach House 8 and Mario Garnero

Brazilian entrepreneur Mario Garnero closed on the $14 million purchase of a duplex penthouse of a new Mid-Beach condo building, records show.

Beach House 8 construction site

Beach House 8 construction site

Ugo Colombo and Valerio Morabito completed the eight-unit, 10-story development. Garnero’s unit marks the first to officially close at Beach House 8, at 3651 Collins Avenue in Miami Beach. It was designed by Arquitectonica with interiors by Michele Bonan.

Garnero is chairman and principal shareholder of the Brasilinvest Group, a financial firm that’s reportedly worth $700 million. His new penthouse has more than 6,000 square feet of outdoor living space and a private pool. Garnero financed the deal with a nearly $8 million mortgage from Sabadell Bank.

The developers broke ground on the project in June 2014 with plans to open by August 2015. The building sits on a narrow, 16,850-square-foot lot, property records show.

Units were priced from $5.9 million to $14 million and range from 3,783 to 5,200 square feet of interior space. They feature Boffi kitchens, marble countertops, Lutron lighting systems and custom home automation systems.

ONE Sotheby’s International Realty handled sales for the sold-out development.

Beach House 8 is in the same Miami Beach neighborhood as the Faena District, which runs on both sides of Collins Avenue, from 32nd Street to 35th Street. The mixed-use development includes the Faena Hotel, the Faena House condominium tower; Faena Forum, an arts complex now under construction; two Faena Versailles condominium towers; Faena Bazaar, a retail building; and a parking garage.