Five units combined into one at Setai sells for $16.1M

Russian family amassed collection over eight years

Apr.April 16, 2015 03:15 PM

A residence that was pieced together from five separate condos at the Setai in Miami Beach has just sold for $16.1 million, The Real Deal has learned.

The condo, created from a five-unit collection amassed over eight years, spans 5,400 square feet and takes up the entire east side of the building’s 33rd floor, along with most of the north and southward sides. Each of the units originally had one bedroom and one bathroom.

Listing agent Becky Adkins told TRD that the seller is a Russian family that started its home-building project with just two units.

As the family grew, she said, so did its need for more space. The owners asked Adkins about buying more units on the same floor, and began convincing the neighboring owners to sell.

The project took so many years because the Setai doesn’t allow construction during the winter months, and each new unit added had to be re-built to connect to the others.

The final additions —  two units on the north side of the building —  were remade into an entertainment area. Inside is a billiards room, 100-bottle wine cellar, a spa with a full sauna and a massage room.

Now, Adkins said the family spends most of their time in California when they come to the United States, so they decided to sell.

“It’s really a spectacular unit,” She said. “I’m thrilled that somebody bought it with the intent to use it.”

She declined to name the family or the buyer.

The units were owned by a company titled River Phoenix Development Corp., which is managed by Mikhail Smolnikov, according to Miami-Dade County property records.

Adkins, of Gary Hennes Realtors, co-listed the units with Scott Klein of Douglas Elliman. Adkins just announced her move to New York, where she will work with Douglas Elliman. Another Douglas Elliman agent, Laura Cresto, represented the buyer.

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