Eduardo Costantini gets a deal on condo at his Oceana Key Biscayne: $5.4M

Costantini bought the unit for the preconstruction price of $1,329 psf, 39% less than its listing price of $8.9M

TRD MIAMI /
Apr.April 15, 2016 04:45 PM

Oceana Key Biscayne

UPDATED April 19, 2:40 p.m.: Eduardo Costantini, the Argentine developer of Oceana Key Biscayne, just paid $5.423 million for a condo at his own development.

Costantini, the founder of Buenos Aires-based Consultatio, bought unit 1201S in the 142-unit property at 350 Ocean Drive, which was designed by Arquitectonica. The price for the 4,080-square-foot condo equates to $1,329 per square foot.

The four-bedroom, seven-bathroom and one half-bath unit was on the market for three months for $8.9 million, according to a listing on oceana-keybiscayne.com. That would mean Costantini purchased it at a 39 percent discount.

However, Marcos Corti Madera, CEO of Consultatio, told The Real Deal that $5.4 million was the unit’s preconstruction price, and Costantini had to delay the closing until now. “He bought it at the beginning of preconstruction and that was the price,” Corti Madera said.

According to the listing, the condo is a flow-through corner unit on the “best line” of Oceana Key Biscayne, with ocean, bay and city views. It features a 2,000 square-foot wrap-around terrace, closets with Italian veneer and Snaidero kitchen and bath cabinets.

Oceana Key Biscayne ranks as the highest grossing preconstruction project this cycle. It generated nearly $580 million in recorded transactions, selling 148 units out of a total of 154 units as of Jan. 31.

Costantini is currently developing Oceana Bal Harbour, which is 70 percent sold. The 28-story, 240-unit tower, designed by Arquitectonica, has recently topped off. The project will feature large sculptures by Jeff Koons, which Costantini purchased for $14 million: “Ballerina,” which is now on display at MALBA, and “Pluto and Proserpina.”


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