The Real Deal Miami

Offshore buyer lists new Fendi Château unit at 40% price hike

Three-bedroom, 4,900 sf unit is also available for rent at $45,000 a month

October 28, 2016 09:45AM
By Katherine Kallergis

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Rendering of Fendi Chateau Residences

Rendering of Fendi Chateau Residences

A Nassau, Bahamas-based owner of a newly completed Fendi Château Residences unit in Surfside wants to flip it for a big profit. 

Chateau Ocean Unit 706 LLC, a Florida company tied to a pair of Bahamian financial executives, closed on unit 706 for $6.856 million, or $1,400 per foot, in early October. Now, the luxury condo unit is back on the market for $9.58 million, or nearly $2,000 a foot, according to Realtor.com

The $2.724 million difference comes out to nearly 40 percent more than the sale price of the three-bedroom, 4,897-square-foot unit.

The entity is managed by Dillon Dean and Ivylyn Cassar of Equity Bank and Trust Bahamas Limited, managing director and vice chair. It’s also controlled by a New York-based law office, corporate records show.

Fendi Château, which marks the first condo tower to open this cycle in Surfside, is located at 9365 Collins Avenue. Four units are on the market at the 12-story, 58-unit building, including a penthouse for $25 million, according to Realtor.com

Listing agent Matias Alem of BRG International declined to disclose the buyer’s identity. Alem told The Real Deal that most owners in the building “are not going to sell.”

The flow-through unit will be finished with Greek marble and furnished by December, Alem said. It’s also available for rent for $45,000 a month.

Fendi Château has attracted a number of high-profile buyers, including New York investor Irving Langer, a pair of Brazilian software firm executives and private equity investor Thompson Dean.

The beachfront development was designed by Arquitectonica and includes pools, a Jacuzzi, 12 private cabanas, a restaurant and bar, a fitness center and a spa, kids’ club, private theater, a private dining room, wine cellar and Shabbat elevators.

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