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South Florida

Miami Beach EDITION penthouse sells for $6M

Rooftop residence at The Edition and Toni Schrager
Rooftop residence at The Edition and Toni Schrager

A penthouse condo at the swanky EDITION Residences sold for $6 million, Avatar Real Estate Services announced Friday.

Penthouse 1405, which stretches two floors, has floor-to-ceiling glass walls that peer out over downtown Miami and the ocean.

Its kitchen has Miele appliances, matte lacquered cabinets and Bulthaup stainless steel counters and island. Bleached teak wood covers the unit’s interior 2,268 square feet, according to marketing materials.

Outside, the rooftop balcony adds another 1,000 feet. The bleached teak-wood deck has a Jacuzzi and outdoor kitchen.

The undisclosed buyer was represented by Toni Schrager of Avatar, sister-in-law of hotelier Ian Schrager, who developed the EDITION with Marriott International.

The latest sale equated to $2,645 per square foot.

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“It’s just so glamorous,” Schrager told The Real Deal. “When I saw the final product it actually took my breath away.”

The unit is one of 26 occupying the top floors of the EDITION Miami Beach hotel. Designed by British architect John Pawson, more than half of these luxury units have been sold to buyers that range from a New York power couple to a Bollywood superstar.

Located at 2901 Collins Avenue, the hotel was built within the structure of the former Seville Beach Hotel, which opened in 1950. Marriott International purchased the building in 2010 for $57.5 million and collaborated with Schrager to give it a modern look. The 23-story EDITION Miami Beach, with its 294 rooms and 23 bungalows, opened in late 2014.

Marriott sold the hotel on Thursday for $230 million to the Abu Dhabi Investment Authority.

The developers of EDITION Residences were sued last week over a square-footage dispute in regards to a $12 million penthouse. Rising Sun Ventures and Edition Penthouse Ventures filed suit against against Seville Acquisition, alleging that Penthouse 1404 has 19 percent less square footage than they were told.

Ian Schrager is also looking to build another EDITION in Broward County. Twenty Edition hotels are underway worldwide, and Schrager hopes to build more.

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Ian SchragerReal Estate Companies