Miami condo developer looking for buyers in NYC

Lionheart Capital co-hosts pop up for Ritz Carlton Residences in Miami Beach

New York /
Oct.October 09, 2014 01:00 PM

Marketing a multi-million condo property in New York City hardly seems newsworthy. But what if the property in question is located in Miami?

On Wednesday night, The Real Deal co-hosted a showroom for the Ritz Carlton Residences in Miami Beach, in Manhattan.

“A pop up in Manhattan, people haven’t done that before,” said Ashley Spitz, director of events and strategic initiatives for Lionheart Capital. “The buyers are here.” Spitz said she aims to hold a similar showroom event next summer in the Hamptons.

Lionheart is developing the condominium conversion in Miami Beach, which is scheduled to be completed by 2016.

Ophir Sternberg, founding partner and chief executive officer at Lionheart Capital, bought the property for $20 million two years ago. After a rezoning and an extensive renovation, he plans to open an ultra luxury brand-name condo development. It’s the second time Lionheart is partnering with the Ritz Carlton for an ultra luxurious project.

While a large percentage of buyers are from New York, Sternberg said, other interested parties are people who already own a home in Miami Beach but are looking to relocate in the area. A lot of interest is also coming from Europe.

A $32 million penthouse has already been sold, even though the project is still in its pre-construction phase. Details about the buyer were not revealed, although he was described as a “bachelor from Europe.”

Pricing for units runs from $2 million to $40 million, with the average price per square foot between $1,200 and $1,300.

While not allowed to actually sell condo units from New York City – interested parties will have to call the Lionheart in Florida for that – the New York stint serves as a way to let brokers know about the project. About 200 brokers and investors attended the pop-up for the project at the Boffi store in Soho on Wednesday night.

Boffi’s Piero Lissoni is designing the kitchens for the residences.

The project – which will be housed in an existing eight-story structure in the middle of Miami Beach – will include 111 condominiums – ranging from 2,500-square-foot two bedrooms to a 10,000-square-foot duplex skyhouse – and 15 single family homes.

“We’re creating a Ritz Carlton neighborhood,” said George Mato, director of sales for Lionheart Capital.  Due to its location on the lake and in the middle of a residential neighborhood, it’ll be difficult to duplicate such a project anywhere else, Mato said.

The development will be maintained by the Ritz Carlton and will include a restaurant, room service to the condominiums, fitness center and a dog spa.

The condo conversion is also the first one to house a private iMax theater, which is reserved for its residents. Residents will be able to park their boat at one of 36 available boat slips.

These condos are for people “who love the good life,” said Mato.

Wednesday night’s event at the Boffi store in Soho was one of three promotional evenings this week hosted by Lionheart. Fran Drescher, of The Nanny fame, stopped by the showroom on Tuesday and expressed interest in the condos, according to the organizers.


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