The Real Deal Miami

Art dealer Larry Gagosian spends $13M on Faena House unit

Gagosian Gallery boss picks up unit with four bedrooms, six and a half bathrooms
By Katherine Kallergis | March 15, 2016 09:45AM

Larry Gagosian and Faena House renderings

Art dealer Laurence Gagosian paid $12.995 million for a penthouse at Faena House.

Miami-Dade County records show Gagosian purchased unit PH-C at the 18-story tower in Mid-Miami Beach. The Armenian American art collector owns the Gagosian Gallery art galleries in the United States, as well as London, Paris, Rome, Athens, Geneva and Hong Kong.

Gagosian’s new penthouse has four bedrooms, six bathrooms and one half-bath, according to the property appraiser. The unit spans 4,730 interior square feet, which means Gagosian paid about $2,747 per square foot. It also includes a 1,516-square-foot terrace, according to a Faena spokesperson.

The 42-unit tower has attracted ultra wealthy buyers and Wall Street executives, including billionaire Ken Griffin, Goldman Sachs Chairman and CEO Lloyd Blankfein, hedge funder Craig Effron, Jose Fanjul Jr., Chuck Khubani, Alex Blavatnik and Mark Rachesky. Faena House, at 3315 Collins Avenue, is the first of four planned oceanfront condo towers for developer Alan Faena. It was designed by Foster + Partners.

Griffin paid a record $60 million for two penthouse units last year, but then put them both back on the market in January for a combined $73 million. Griffin never combined the duplex unit, which is also listed separately: $55 million for the upper floor unit and $18 million for the lower one.

Correction: An earlier version of this story incorrectly identified the square footage as 4,374. Unit PH-C has 4,730 square feet of interior space.