Owners of $20M PH at 321 Ocean want to flip it for $53M

Renderings of 321 Ocean
Renderings of 321 Ocean

Six months after buying a new $20 million penthouse at 321 Ocean in the South-of-Fifth neighborhood, the owners are seeking to flip it for $53 million, making it the priciest property for sale in Miami Beach.

The ninth-floor unit has 6,800 square feet in the newly built beachfront project, listing agent Jorge Uribe of ONE Sotheby’s International Realty told the Wall Street Journal. The penthouse has four bedrooms, staff quarters, and a private roofdeck with an outdoor kitchen, with a total of about 6,400 square feet of outdoor space, the Journal reported. The fully furnished unit also comes with a dining table that fits about 40 people, a fire pit and an infinity pool. 

The sellers are financier Boris Jordan and his wife, photographer and philanthropist Elizabeth Jordan, according to the Journal. Boris Jordan was one of the founders of the Russian investment banking firm Renaissance Capital, founded the private-equity and advisory firm the Sputnik Group, and previously served as CEO of the state-controlled Russian media conglomerate Gazprom-Media, and as head of the Russian television network NTV.

At $20 million, the Jordans paid $2,941 per square foot for the unit. At $53 million, the price equates to $7,794 per square foot, which would be a record in Miami.

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The new listing does not yet appear on Realtor.com. At $53 million, it is by far the highest priced property for sale in Miami Beach. Realtor.com shows the most expensive listing currently as $40 million for 1 Star Island Drive. The estate, listed in February, is owned by Gloria and Emilio Estefan.

321 Ocean, which is being developed by Aria Development Group, has 21 units, including two penthouses and two two-story villas, as The Real Deal previously reported. The real estate investment and development firm tapped Ten Arquitectos and Revuelta Architecture International for the two towers. Cervera Real Estate was the exclusive pre-construction brokerage firm.

The luxury development began recording closings in late May, as the first project in the South-of-Fifth neighborhood to be completed this cycle.

The couple went into contract on the unit more than a year ago, before the building was completed, according to Uribe. They decided to sell after seeing other Miami penthouses fetch big-ticket prices. “They see it as an opportunity in the market,” he told the Journal. [WSJ] — Ina Cordle