The Real Deal Miami

Faena Hotel Miami Beach penthouse to hit the market at $50M

Unit 1401 has 9,979 sf of interior space and 4,435 sf of terraces, priced at $5,010 psf

October 28, 2016 03:45PM
By Ina Cordle

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A two-story penthouse atop the Faena Hotel Miami Beach is hitting the market at $50 million, Alan Faena told The Real Deal.

The fully furnished unit 1401 is one of 12 Residences at Faena Hotel Miami Beach, encompassing the two top floors of the oceanfront property at 3201 Collins Avenue in Mid-Beach. Douglas Elliman will have the listing.

Faena took TRD on a tour of the just-completed unit, which has 9,979 square feet of interior space and 4,435 square feet of outdoor terraces. The six-bedroom, five-bathroom and four half-bath unit’s price breaks down to $5,010 per square foot.

Designed by film director/producer Baz Luhrmann and Academy Award winning costume designer Catherine Martin, the penthouse’s decor is in keeping with the style of Faena Hotel’s 169 rooms and suites. It features an open floor plan on both levels, with private terraces and a rooftop deck overlooking the ocean.

Faena Hotel opened in December 2015, and the residences have been built-out in recent months. In June, the first condo, unit 1304, sold to New Yorkers for $5.5 million. The purchaser, My Family Valentina LLC, is an entity linked to Angelo Gordon & Co., a privately held New York investment advisor. Judith Angelo is the manager of the entity.

According to Realtor.com, four other condo units at the hotel are currently on the market: PH7, with 852 square feet for $2.575 million; PH3, with 1,051 square feet listed at $2.99 million; UPH2, an 1,878-square-foot unit priced at $7.2 million; UPH3, with 2,472 square feet, asking $10.8 million.

gildedmammoth

Gilded mammoth outside Faena Hotel Miami Beach

Faena Hotel is on the site of the former Saxony Hotel, originally built in 1947. Faena and partner Len Blavatnik completely gutted and renovated the property, hiring Luhrmann and Martin to help create an old-world ambiance with Art Deco decor. Inside the hotel, the walls of the lobby are decorated with colorful murals and the floors are inlaid with an intricate mosaic pattern. Outdoors, a huge, gilded mammoth greets visitors at the entrance to the oceanfront pool and beach.

faena pool

Pool at Faena Hotel Miami Beach

Residents of Faena Hotel have access to the hotel’s amenities, including in-room spa services, housekeeping and turn-down service, room service, resident concierge and butler, and priority access to the hotel’s pool and beach cabanas.

The hotel is part of the Faena District, which runs on both sides of Collins Avenue, from 32nd Street to 35th Street in Mid-Miami Beach. Other components include the completed 47-unit Faena House condominium tower; Faena Forum, an arts complex expected to open in late November; Faena Bazaar, a retail building; and a parking garage, which are under construction.

Earlier this month, Faena told TRD that he has put his planned two-tower Versailles condo development in the Faena district on hold as he ponders creating another hotel on the site instead. Faena acknowledged the current slowdown in the condo market as a factor in his decision-making. Presales are also on hold.

“Because of the market and success of Faena [Hotel] we’re not in a hurry to decide,” he told TRD. Once the Forum, a new arts and cultural venue designed by Rem Koolhaas’s OMA, opens Nov. 27, he said he will have a better idea of demand. “We’re pulling the Versailles project to see how many rooms we will need and the reaction of the market,” he said.

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