Planned penthouse at Ritz-Carlton Residences goes for $32M

Miami /
Oct.October 09, 2014 12:00 PM

A penthouse in the upcoming Ritz-Carlton Residences in Miami Beach was sold to a “bachelor from Europe” for a whopping $32 million, according to Lionheart Capital director of sales George Mato.

Mato described the buyer as a 45-year-old single man from Western Europe, but declined to divulge any more details.

Pricing at the condo conversion ranges from $2 million for a two-bedroom to $40 million for a 10,000-square-foot duplex skyhouse.

Most of the potential buyers are local homeowners who no longer want to pay to maintain a big house with a staff. The group is mostly from the northeast region of the U.S.– primarily New York City – and Europe. Mato said those interested in the units are looking for second, and sometimes even third, fourth or fifth homes, and are “elite, high power families.”

Pricing for the units in the building, which will house 111 condos, is between $1,200 and $1,300 per square foot. Ophir Sternberg, the project’s developer, bought the property for $20 million about two years ago. “We took a risk,” Sternberg said. “Other developers passed.”

A similar product in New York City, Sternberg said, would easily be $6,000 per square foot.

Currently, the project is approaching a 50 percent occupancy rate, according to Mato.

The Ritz-Carlton Residences, Miami Beach – located by the Surprise Lake, rather than the ocean – will include a private iMax movie theater, reserved for its residents.

The South Beach condominium project is in its preconstruction phase. The project is expected to be completed by April 2016.


Related Articles

arrow_forward_ios
The Sunny Isles residential tower. (The Ritz-Carlton Residences)
Top security? Prison equipment mogul drops $26M on Ritz-Carlton Sunny Isles penthouse
Top security? Prison equipment mogul drops $26M on Ritz-Carlton Sunny Isles penthouse
Ophir Sternberg with the Ritz-Carlton Residences, Miami Beach and the land for the villas (Lionheart Capital)
GFI buys land for second phase of Ritz-Carlton Residences Miami Beach
GFI buys land for second phase of Ritz-Carlton Residences Miami Beach
Images of Arte, Ritz-Carlton Residences Miami Beach, Ritz-Carlton Residences Miami Beach and One Thousand Museum (One Thousand Museum via One Sotheby's)
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Buyers shift to condos as waterfront single-family luxury inventory dwindles in South Florida
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Diego Arnaud and Ritz-Carlton Residences, Sunny Isles Beach
Mexican steel CEO buys condo at Ritz-Carlton in Sunny Isles
Mexican steel CEO buys condo at Ritz-Carlton in Sunny Isles
Rendering of the Ritz-Carlton Residences, Sunny Isles Beach with Manuel Grosskopf and Edgardo Defortuna
Ritz-Carlton Residences Sunny Isles developers pay off $212M loan
Ritz-Carlton Residences Sunny Isles developers pay off $212M loan
Ritz-Carlton Residences Sunny Isles Beach (Credit: Sunny Isles Property Venture LLC and iStock)
Gastroenterologist buys unit at Ritz-Carlton Sunny Isles
Gastroenterologist buys unit at Ritz-Carlton Sunny Isles
Ritz-Carlton Residences Miami Beach
Dialysis exec nabs condo at Ritz-Carlton Residences Miami Beach
Dialysis exec nabs condo at Ritz-Carlton Residences Miami Beach
arrow_forward_ios

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

Loading...