The Real Deal Miami

Three Edition Miami Beach units sell for $18.4M

Deals mark beginning of closings at Ian Schrager's luxury condo project
October 27, 2014 11:15AM

Ian Schrager

Ian Schrager

Closings are underway at Ian Schrager’s Residences at the Miami Beach Edition luxury condo project with the sale of three units to one buyer for a total of $18.4 million.

Two of the units were combined into one 4,017-square-foot condo and sold for about $10.5 million, according to Monday’s written announcement from Coldwell Banker Residential Real Estate, which represented the buyer in the two deals. The other unit, which has 2,805 square feet, was sold for $7.9 million. That condo will be used by the undisclosed buyer for guests.

“These sales are significant because they represent the first of the new wave of luxury oceanfront developments to close in Miami Beach,” said Coldwell Banker sales associate Jon Corso, who represented the buyer. “It’s great to see such a strong interest from buyers in the Miami Beach condo market again.”

Douglas Elliman Development Marketing handles sales at the John Pawson-designed project at 2901 Collins Avenue. The 26 condos were constructed atop an existing 1950s-era building that will be operated as the Miami Beach Edition hotel. The Residences have a private entrance. — Eric Kalis