The Real Deal Miami

Randy Frankel buys penthouse at Related’s One Ocean: $6.4M

The minority owner of the Tampa Bay Rays also owns at the W South Beach

June 15, 2016 11:20AM
By Katherine Kallergis

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Rendering of One Ocean in South Beach

Rendering of One Ocean in South Beach

Financier Randy Frankel closed on his purchase of a penthouse at the newly completed One Ocean in South Beach.

Frankel, a part-owner of the Tampa Bay Rays, paid $6.4 million for unit 707, a 3,500-square-foot penthouse at 1 Collins Avenue, records show. That breaks down to about $1,830 per square foot.

The Related Group completed the eight-story, 50-unit luxury project in March. Frankel reportedly splits his time between homes in cities that include Miami and New York, and signed a contract for his new five-bedroom penthouse in 2013, the Wall Street Journal reported at the time.

Prominent Mexican architect Enrique Norten designed the two eight-story buildings, with Enzo Enea handling landscape work and Yabu Pushelberg designing interiors. Related funded construction with $46 million in refinancing from Regions Bank in 2014.

Other buyers at One Ocean include the co-founder of Jarden, Martin E. Franklin, who paid $6.4 million for unit next door to Frankel.

Frankel also owns a three-bedroom unit at the W South Beach, which he and his wife Barbara paid $6.2 million for in 2010.

“When I’m at the pool at the W, there are so many New Yorkers around it feels like there’s a hedge-fund conference going on,” he told the Wall Street Journal in 2013. “It’s like the Who’s Who of Wall Street.”