Miami attorney Jim Ferraro’s Fisher Island penthouse has just hit the market for $13.9 million, as he prepares to trade up to a larger, much more expensive unit on the exclusive island, The Real Deal has learned.
Ferraro’s current five-bedroom, six-bathroom penthouse, at 7482 Fisher Island Drive, has 4,932 square feet, with oceanside and city views, Oren Alexander, co-founder of the Alexander Team at Douglas Elliman, told TRD.
“Jim was also my first sale in real estate, when I started in real estate in 2009,” Alexander said. “He bought an $8.2 million penthouse in the Park Imperial in New York City.”
Alexander and Lauren Fitzpatrick, a Realtor associate with the Alexander Team, listed the property on Monday. The listing price breaks down to $2,818 per square foot.
“This is by far the best exposure on Fisher Island, and he needed a little more space as well as a swimming pool,” Alexander said, “and that is why he is moving.”
According to Miami-Dade property records, Ferraro bought the penthouse for $3.5 million in October 2002, the same year that it was built.
Ferraro, who made his fortune by successfully litigating cases against major chemical companies, earlier this year put a 6,644-square-foot penthouse at Palazzo Del Sol under contract. The 47-story project is the first new construction project on Fisher Island since 2007.
Listed at $27,189,200, Ferraro’s Palazzo Del Sol penthouse will have private elevator entry and 18-foot ceilings. The four-bedroom, four-and-a-half bathroom unit will also have a zero-edge swimming pool, pergola, summer kitchen and outdoor entertaining spaces, according to a release from June, when he contracted for the property.
Ferraro, founding shareholder of the Ferraro Law Firm, is using landscape architect Enzo Enea to design the 6,410-square-foot rooftop outdoor space.
Fisher Island, accessible only by boat and ferry, boasts stars and athletes, entrepreneurs, CEOs and billionaires from more than 45 countries, and says its 675 families’ high per capita income has led its zip code to rank among the highest in the United States.
In addition to his namesake firm, Ferraro is also one of two founding partners of Kelley & Ferraro LLP in Cleveland, Ohio. His firms currently represent nearly 50,000 asbestos claimants. Ferraro is co-owner of Randazzo’s Little Italy Restaurant in Coral Gables, according to his website.
“Jim is obviously penthouse, penthouse, penthouse,” Alexander said. “He is a penthouse guy.”
Here is a video on the property: