iStar reports $260M in sales at Paramount Bay

Miami’s Paramount Bay condominium project said it has closed $260 million in sales, with 90 percent of units unloaded, the project announced today. That amounts to remaining inventory of about 28 units. The property, which is owned in part by iStar Residential, is being marketed by Fortune International. Bucking Miami’s recent trend of foreign buyers, approximately 50 percent of all sales at Paramount Bay have come from the U.S., with Florida buyers accounting for one third of all sales. Singer Lenny Kravitz designed common areas and some units at the property. —Alexander Britell