Faena House breaks Miami record with $60M PH sale

Duplex penthouse features nearly 10,000 sf of exterior space and a rooftop pool

New York /
Sep.September 25, 2015 09:30 AM

From the South Florida website: A penthouse in the newly completed Faena House has just been sold for $60 million — a price that breaks all residential records in the Miami area.

The eight-bedroom, 12,516-square-foot penthouse features 9,900 square feet of exterior space and a 70-foolong rooftop pool, the Wall Street Journal first reported. It was listed in 2013 and went into contract in April 2014.

Jeffrey Miller of Brown Harris Stevens Zilbert represented the buyer, who paid $4,794 per square foot for the unit. This sale beats Miami’s record price for a single-family home, which was set in 2012 with the $47 million sale of 3 Indian Creek Island Road. It also marks a record for condominium sales, beating the $27.5 million closing of a Continuum unit in December, and a combined penthouse at the Miami Beach Edition for $34 million, also in December.

The sale has not yet cleared Miami-Dade County records.

Reported early buyers at the building included New York-based Apollo Global Management co-founder Leon Black, Goldman Sachs Group CEO Lloyd Blankfein and art dealer Larry Gagosian.

Blankfein and his wife, Laura, paid $9.5 million for unit 8-A, TRD reported last week. Other buyers include Jose F. Fanjul Jr., of Fanjul Corp., a major player in the United States’ sugar industry, and Mark Rachesky, the chairman of Lions Gate Entertainment.

Faena House marks the first of four planned oceanfront condo towers in the ultra-luxury project, which stretches from 3200 to 3500 Collins Avenue in Miami Beach. The 18-story tower, in the 3300 block of Collins Avenue, began recording closings on Sept. 3.  About half of the now-42 units have closed. Faena House was designed by Foster + Partners and includes amenities such as a gym, spa, pools, underground garage and a beach club.

Next is the Faena Hotel Residence, formerly the Saxony Hotel, which will include 13 penthouse residences. In April, developer Alan Faena announced the addition of two condo towers to his complex in Mid-Miami Beach: Faena Versailles Contemporary with 41 units and the Faena Versailles Classic with 22 units — in the 3400 block of Collins Avenue. — Katherine Kallergis


Related Articles

arrow_forward_ios
Adam Neumann, Society Las Olas at 301 Southwest First Avenue in Fort Lauderdale, and the Stacks on Main at 535 Main Street, Nashville (Getty Images, Stacks on Main, Society Las Olas)
Inside Adam Neumann’s WeWork-ification of residential real estate
Inside Adam Neumann’s WeWork-ification of residential real estate
(iStock, Illustration by Kevin Cifuentes for The Real Deal)
Some 40 million US homes at risk from extreme 2022 weather
Some 40 million US homes at risk from extreme 2022 weather
400 South Mashta Drive (Fortune International Realty)
Key Biscayne estate featured in “Miami Vice” rents for $100K a month
Key Biscayne estate featured in “Miami Vice” rents for $100K a month
From left: Waterford Property Company’s John Drachman with the Oceanaire complex in Long Beach and Affiliated Development's Nick Rojo with the Bohemian project in Lake Worth Beach (Renderings via Kobi Karp, Oceanaire)
Public housing goes middle class
Public housing goes middle class
(Photo-illustration by Paul Dilakian for The Real Deal; Screenshots via Traded)
Inside Traded, real estate’s vanity mirror
Inside Traded, real estate’s vanity mirror
Zumper's Jeff Andrews (Zumper, iStock) Miami, Pricing
Miami overtakes Boston as third-priciest city for renters
Miami overtakes Boston as third-priciest city for renters
(iStock/Illustration by Kevin Rebong for The Real Deal)
Condo prices hit all-time high: Redfin
Condo prices hit all-time high: Redfin
14 major metros now rent-burdened; Miami leads pack
14 major metros now rent-burdened; Miami leads pack
14 major metros now rent-burdened; Miami leads pack
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...