The Real Deal Miami

Bollywood star swaps Carroll for the Jills with $26M EDITION listing

New asking price breaks down to $4,956 per square foot

October 28, 2016 04:30PM
By Sean Stewart-Muniz

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Unit 1602 at the Miami Beach Edition (Inset: Jill Eber and Jill Hertzberg)

Unit 1602 at the Miami Beach Edition (Inset: Jill Eber and Jill Hertzberg)

After her tri-level penthouse at the Miami Beach EDITION sat on the market for roughly a year, Poonam Khubani is hoping some fresh blood will bring her a buyer.

The Bollywood actress and businesswoman just dropped Douglas Elliman’s Chad Caroll in favor of the Jills from Coldwell banker, and has reduced her asking price from $27.5 million to just under $26 million.

The Jills now have the listing for unit 1602, a contemporary-style penthouse on the 18-story tower’s top three floors.

Poonam Khubani has purchased several units at Miami Beach EDITION

Poonam Khubani has purchased several units at Miami Beach EDITION

The condo has four bedrooms, four bathrooms, two half-baths, a private rooftop terrace with its own pool and 5,246 square feet of interior space.

Its newly reduced asking price breaks down to a whopping $4,956 per foot — still considerably cheaper than the $6,650 per foot Ken Griffin wants for the larger of his two Faena House pads a few blocks away.

Jill Eber, who heads her Coldwell Banker team alongside Jill Hertzberg, told The Real Deal that she had run into Khubani on previous occasions, and after a more recent meeting, the Bollywood actress decided that the Jills were “the right fit.”

The Edition, developed by hotelier Ian Schrager, became known for its star-studded cast of buyers when closings for its 26 units began in late 2014. Khubani, vice president of informercial giant Telebrands, was joined by executives like property management magnates Stanley K. and Nathalie R. Doobin.

Caroll had the first crack at listing unit 1602 in October 2015 alongside Elliman’s Laura Cresto and Devin Key. He told TRD that he wasn’t sure what led to Khubani’s decision to swap agents, but his team’s exit wasn’t on bad terms.

County records show Khubani originally paid $16.5 million for unit 1602 in December 2014, or about $3,145 per square foot. When asked whether Khubani’s asking price was too high, he said the luxury market has shifted and prices have changed.

Regardless, he said “that penthouse will sell for a record price, no doubt about it.”

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