Brazilian entrepreneur buys new Mid-Beach penthouse: $14M

Miami /
Jun.June 01, 2016 09:50 AM

Brazilian entrepreneur Mario Garnero closed on the $14 million purchase of a duplex penthouse of a new Mid-Beach condo building, records show.

Ugo Colombo and Valerio Morabito completed the eight-unit, 10-story development. Garnero’s unit marks the first to officially close at Beach House 8, at 3651 Collins Avenue in Miami Beach. It was designed by Arquitectonica with interiors by Michele Bonan.

Garnero is chairman and principal shareholder of the Brasilinvest Group, a financial firm that’s reportedly worth $700 million. His new penthouse has more than 6,000 square feet of outdoor living space and a private pool. Garnero financed the deal with a nearly $8 million mortgage from Sabadell Bank.

The developers broke ground on the project in June 2014 with plans to open by August 2015. The building sits on a narrow, 16,850-square-foot lot, property records show.

Units were priced from $5.9 million to $14 million and range from 3,783 to 5,200 square feet of interior space. They feature Boffi kitchens, marble countertops, Lutron lighting systems and custom home automation systems.

ONE Sotheby’s International Realty handled sales for the sold-out development.

Beach House 8 is in the same Miami Beach neighborhood as the Faena District, which runs on both sides of Collins Avenue, from 32nd Street to 35th Street. The mixed-use development includes the Faena Hotel, the Faena House condominium tower; Faena Forum, an arts complex now under construction; two Faena Versailles condominium towers; Faena Bazaar, a retail building; and a parking garage.


Related Articles

arrow_forward_ios
Valerio Morabito and Ugo Colombo. (Getty, CMC Group/Morabito Properties)
Trying to make waves? Ugo Colombo, Valerio Morabito launch sales of Onda condo development in Bay Harbor Islands
Trying to make waves? Ugo Colombo, Valerio Morabito launch sales of Onda condo development in Bay Harbor Islands
Palazzo Della Luna at 6800 Fisher Island Drive (Photo via Palazzo Della Luna)
Miami-Dade weekly condo sales, dollar volume up at year-end
Miami-Dade weekly condo sales, dollar volume up at year-end
(Google Maps, Fisher Island)
Miami-Dade condo sales, dollar volume fall during holiday week
Miami-Dade condo sales, dollar volume fall during holiday week
Map and Palazzo Della Luna, Miami Beach (Google Maps)
Condo sales, dollar volume rise last week in Miami-Dade
Condo sales, dollar volume rise last week in Miami-Dade
515 East Dilido Drive with Jonathan Cox (Douglas Elliman, Federated Cos.)
Federated Cos. developer buys waterfront Venetian Islands home
Federated Cos. developer buys waterfront Venetian Islands home
(Google Maps)
$35M closing at Faena House leads Miami’s weekly condo sales
$35M closing at Faena House leads Miami’s weekly condo sales
(Google Maps)
Condo sales rebound in Miami-Dade after Thanksgiving
Condo sales rebound in Miami-Dade after Thanksgiving
Pamela Applebaum and The Bristol
Daughter of drugstore mogul sells Bristol condo unit for $16M
Daughter of drugstore mogul sells Bristol condo unit for $16M
arrow_forward_ios

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

Loading...