Faena House breaks record with $60M penthouse sale

Miami /
Sep.September 24, 2015 10:30 AM

Updated, 11:20 a.m., Sept. 28: A penthouse in the newly completed Faena House has just been sold for $60 million — a price that breaks all residential records in the Miami area.

The eight-bedroom, 12,516-square-foot penthouse features 9,900 square feet of exterior space and a 70-foolong rooftop pool, the Wall Street Journal first reported. It was listed in 2013 and went into contract in April 2014.

STHA LLC was the buyer. Information on the Delaware company is not available in Florida’s corporate records.

Jeffrey Miller of Brown Harris Stevens Zilbert represented the buyer, who paid $4,794 per square foot for the unit. This sale beats Miami’s record price for a single-family home, which was set in 2012 with the $47 million sale of 3 Indian Creek Island Road. It also marks a record for condominium sales, beating the $27.5 million closing of a Continuum unit in December, and a combined penthouse at the Miami Beach Edition for $34 million, also in December.

Erik Schneider of Douglas Elliman, who is the U.S. director of sales for the project and the lead on-site broker, worked on the penthouse sale with Miller, Alicia Goldstein, executive vice president of Faena Group, told The Real Deal.

Reported early buyers at the building included Apollo Global Management co-founder Leon Black, Goldman Sachs Group CEO Lloyd Blankfein and art dealer Larry Gagosian.

Blankfein and his wife, Laura, paid $9.5 million for unit 8-A, TRD reported last week. Other buyers include Jose F. Fanjul Jr., of Fanjul Corp., a major player in the United States’ sugar industry, and Mark Rachesky, the chairman of Lions Gate Entertainment.

Faena House marks the first of four planned oceanfront condo towers in the ultra-luxury project, which stretches from 3200 to 3500 Collins Avenue in Miami Beach. The 18-story tower, in the 3300 block of Collins Avenue, began recording closings on Sept. 3.  About half of the now-42 units have closed. Faena House was designed by Foster + Partners and includes amenities such as a gym, spa, pools, underground garage and a beach club.

Next is the Faena Hotel Residence, formerly the Saxony Hotel, which will include 13 penthouse residences. In April, developer Alan Faena announced the addition of two condo towers to his complex in Mid-Miami Beach: Faena Versailles Contemporary with 41 units and the Faena Versailles Classic with 22 units — in the 3400 block of Collins Avenue. — Katherine Kallergis


Related Articles

arrow_forward_ios
Miami skyline
South Florida home sales keep falling as price growth slows
South Florida home sales keep falling as price growth slows
(Illustration by The Real Deal with Getty)
“It’s not dead, it’s just different.” South Florida resi slowdown persists
“It’s not dead, it’s just different.” South Florida resi slowdown persists
Danielle Hale
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
Slowdown is “paradoxical:” Realtor.com’s chief economist on Miami housing market’s future
From left: Ansorg Development's Karl-Ulrich Ansorg, Tulip Group's Kobi Elbaz, Ofir Gabriel, and Amit Kort in front of 234-264 Northeast 34th Street in Miami (Getty, Google Maps, YouTube/Tulip Group Thailand, usbotschaftberlin, Public domain - via Wikimedia Commons)
Inside look at planned Edgewater mixed-use condo tower
Inside look at planned Edgewater mixed-use condo tower
Florida Atlantic University processor Ken Johnson and Brown Harris Stevens' Sheila Rojas (Florida Atlantic University, Brown Harris Stevens, Getty)
Record rent hikes had slowed. Ian may change that
Record rent hikes had slowed. Ian may change that
Ron DeSantis and Peter Thiel (Illustration by The Real Deal with Getty)
Peter Thiel on Florida real estate: “becoming like California”
Peter Thiel on Florida real estate: “becoming like California”
Affiliated Development co-founder Nick Rojo along with 9445 Fontainebleau Boulevard in Miami (left) and the Bohemian apartment project in Lake Worth Beach (right) (Getty Images, Affiliated Development, Google Maps, MSA Architects)
“Slamming on the brakes”: South Florida’s record rent hikes slow
“Slamming on the brakes”: South Florida’s record rent hikes slow
Jessica Chen, Daniel Castañeda, Katie Blineau, and Tim Rivers
Movers & Shakers: ISG World, Suffolk promote execs
Movers & Shakers: ISG World, Suffolk promote execs
arrow_forward_ios

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

Loading...