Randy Frankel buys penthouse at Related’s One Ocean: $6.4M

The minority owner of the Tampa Bay Rays also owns at the W South Beach

Jun.June 15, 2016 11:20 AM

Financier Randy Frankel closed on his purchase of a penthouse at the newly completed One Ocean in South Beach.

Frankel, a part-owner of the Tampa Bay Rays, paid $6.4 million for unit 707, a 3,500-square-foot penthouse at 1 Collins Avenue, records show. That breaks down to about $1,830 per square foot.

The Related Group completed the eight-story, 50-unit luxury project in March. Frankel reportedly splits his time between homes in cities that include Miami and New York, and signed a contract for his new five-bedroom penthouse in 2013, the Wall Street Journal reported at the time.

Prominent Mexican architect Enrique Norten designed the two eight-story buildings, with Enzo Enea handling landscape work and Yabu Pushelberg designing interiors. Related funded construction with $46 million in refinancing from Regions Bank in 2014.

Other buyers at One Ocean include the co-founder of Jarden, Martin E. Franklin, who paid $6.4 million for unit next door to Frankel.

Frankel also owns a three-bedroom unit at the W South Beach, which he and his wife Barbara paid $6.2 million for in 2010.

“When I’m at the pool at the W, there are so many New Yorkers around it feels like there’s a hedge-fund conference going on,” he told the Wall Street Journal in 2013. “It’s like the Who’s Who of Wall Street.”

Related Articles

Daily Digest Miami

54-story Turnberry Ocean Club tops off, Flagler streetscape project to break ground: Daily digest

From left: Jon Paul Perez, Alex Karakhanian, Tony Arellano and Devlin Marinoff over the site (Credit: Google Maps)

Related Group, Alex Karakhanian and partners drop $32M on Wynwood site

Jon Paul Pérez, Jorge Pérez and the downtown Miami skyline (Credit: iStock)

Miami’s biggest condo developer is going micro

Jorge Pérez with renderings of the projects

Related Group, Atlantic Pacific seek approvals for mixed-use apartment projects

233 North Miami Avenue and Jorge Perez

Related Group picks up two lots next to Miami Dade College for $9M

The Gallery on the River and Jorge Perez of Related Group (Credit: Wikipedia)

Related Group moves forward with Gallery on the River project

(Credit: Getty Images)

All eyes on cranes during Hurricane Dorian

Daily Digest Miami

Ben Carson dismisses concerns about Opportunity Zones, private equity landlord pays $10M for Palm Beach Gardens properties: Daily digest