Miami Beach Edition unit trades for $5.8M

Miami /
Sep.September 14, 2015 01:30 PM

A ninth-floor condo at the Miami Beach Edition was just sold for $5.8 million, and its new owners are a pair of executives from New York.

Unit 901, which boasts ocean views from all of its three bedrooms and three bathrooms, was sold in a deed filed Friday, according to Miami-Dade County records. The unit was one of a handful still unsold by the developer, a partnership between Ian Schrager and Marriott International, since the building was completed in 2014.

Some of the unit’s other features include floor-to-ceiling glass windows, Miele and Sub-Zero appliances in the kitchen, terrace with access from the master bedroom and a private entrance from the building’s elevators.

Chris Leavitt of Douglas Elliman represented the developer for the sale.

The buyer is Punjab RE LLC, a company managed by Nasser Ahmad, Romita Shetty and Kuljinder Chase. A $4.35 million loan from Credit Suisse Lending was used issued alongside the purchase.

Reports say that Ahmad and Shetty are a married couple living in New York. The two are veteran financiers, and both work at a global investment company called DA Capital.

Chase is a portfolio manager at WCG Management, which specializes in “discretionary, global macro investing,” according to the company’s website. It’s unclear with Shetty and Ahman bought the unit as a personal purchase, but corporate records show that their address is listed as a private townhouse in Manhattan, and not that of DA Capital.

If the couple did pick up the unit as a second  home, they are joining an interesting mix of buyers at the Edition. Records show that building’s 26 units have been sold to a Bollywood actress, a South Florida veterinarian and an alphabet soup of LLCs.


Related Articles

arrow_forward_ios
Joel Meyerson and 24 Palm Avenue, Miami Beach (The Pure Source, Sotheby's)

CEO of cosmetics manufacturer buys Palm Island home for $11M

CEO of cosmetics manufacturer buys Palm Island home for $11M
Steve Witkoff and 4766 North Bay Road (Getty, Douglas Elliman)

Steve Witkoff pays $8M for waterfront North Bay Road lot

Steve Witkoff pays $8M for waterfront North Bay Road lot
The Allen Apartments with Mark Samuelian, Michael Gongora and Ricky Arriola (Miami Beach Community Development Corp., Wikipedia Commons)

Miami Beach may create incentives for affordable housing developers

Miami Beach may create incentives for affordable housing developers
Tudor House Art Deco and Essex House hotels (Wikipedia Commons)

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive
Laurent Ouazana and 6505 Allison Road, Miami Beach (Twitter, Google Maps)

French insurance CEO buys Allison Island home next door to his new mansion

French insurance CEO buys Allison Island home next door to his new mansion
(Google Maps)

Weekly condo sales, dollar volume jump in Miami-Dade

Weekly condo sales, dollar volume jump in Miami-Dade
Jarrett Posner, Pablo Escobar with 5860 North Bay Road (The Waterfront Team)

Pablo Escobar’s former Miami Beach property sells for $11M

Pablo Escobar’s former Miami Beach property sells for $11M
Camilo Miguel Jr. and rendering of 4000 Alton Road

Mast Capital scores approval for Miami Beach condo project

Mast Capital scores approval for Miami Beach condo project
arrow_forward_ios

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

Loading...