Trust pays $7.4M for Continuum corner unit

Transaction marks first resale of unit

Aug.August 26, 2015 11:15 AM

A land trust just paid $7.4 million for a unit in the north tower in Miami Beach’s Continuum condo complex.

Unit 2401, which sits on the northeast corner of the building, was sold to a trust managed by South Florida lawyer Mark F. Grant, who specializes in real estate acquisitions and development.

The trust financed the deal with a $5 million loan from Wells Fargo Bank, according to Miami Dade County property records.

This is the first resale of the 2,872-square-foot unit. A company named Fuxya bought the unit directly from the developer in 2008 for $3.13 million. Seven years later, the owner — managed by a Panamanian corporation titled Dunedin Assets — has more than doubled the original investment.

Julian Johnston of Calibre International Realty brokered the deal, Johnston said. The unit spans 2,874 square feet, three bedrooms, four bathrooms, one half-bathroom and a den. It also features terraces, high ceilings, and floor-to-ceiling windows and glass doors, he told TRD.

It was first put up for sale in July 2014 for $9.5 million. Listing agent Corrado Colini of Douglas Elliman wrote that the three-bedroom, four-and-a-half bathroom unit has designer finishes and “views dominating the Miami Beach coastline.”

Units in the 37-story north tower are hot commodities in the Miami Beach market, often attracting high-profile prices and well-known buyers. Last month,unit 2405 next door sold for $7.34 million, and the founders of the Rubin Museum of Art in New York purchased a unit in the building for $9.6 million.

Related Articles


Condo at Glass Miami Beach sells at 15% loss

1771 North View Drive, Julian Johnston, Enrique Iglesias, and Caterine Gomez (Credit: Getty Images)

Enrique Iglesias’ former Miami Beach home trades for $13M

Cavalier and Henrosa hotels with Susan Gale of One Sotheby’s International Realty

Two South Beach hotels hit the market for $42M

Bill Cunningham and Julian Johnston with the Miami Beach skyline (Credit: iStock)

Top Miami Beach broker joins Corcoran Group amid Miami expansion

Daily Digest Miami

Stockbridge pays $117M for industrial deal in Miramar, Trump blames recession warning signs on a conspiracy: Daily digest

From left: Brett Harris Mick Duchon, Giorgio Vecchi, Dario Stoka, Eloy Carmenate, with Continuum Miami Beach 

Investor sells Continuum unit for 20% below original ask

Beto Perez and Continuum North unit 2704 with Stephan Burke, Carol Cassis and Diana Carulla

Zumba creator finds a new dance floor at Continuum Miami Beach

Apartment rent growth is slowing in downtown Miami (Credit: iStock)

Apartment pricing slowdown: Rents are cooling in downtown Miami, report says