Brazilian businessman wants to flip Beach House 8 PH for big profit

Miami /
Aug.August 04, 2016 09:56 AM

A month after he closed on a Miami Beach penthouse for $14 million, Brazilian businessman Mario Garnero has put it right back on the market — for $21.9 million, or $7.9 million more, too.

The penthouse occupies the entire top two floors of Beach House 8, a newly completed 10-story condominium at 3651 Collins Avenue in Mid-Beach.

Garnero, a financial honcho who heads the Brasilinvest Group, had a contract on the 5,200-square-foot unit when Beach House 8 was still under construction. He paid roughly $2,692 per square foot when the deal closed in June.

But there’s been a change of plans for the executive, Coldwell Banker listing agents Jill Eber and Jill Hertzberg told The Real Deal.

“He spends a good deal of time in Europe, and he really thought his family would use it,” Eber told TRD. “It turns out that’s not going to happen.”

She said Garnero’s five-bedroom, five-bathroom penthouse is “designer ready.” Besides its painted walls and floor-to-ceiling windows, the two-story unit is mostly raw from when it was delivered by the developer. Garnero does plan on installing floors in the near future, though.

The $21.9 million asking price breaks down to about $4,211 per square foot. That’s not including the unit’s 6,000 square feet of exterior living space, most of which comes from a private rooftop pool deck. It’s also slightly less than the $4,245 per square foot billionaire Ken Griffin wants for the smaller of his two penthouses at the Faena House condo tower.

Garnero listed the unit for the first time in February before his purchase closed, according to the Multiple Listing Service. He placed it on the market asking $27 million with Daniela Bonetti of One Sotheby’s International Realty, who was handling development sales for the building.

As its name indicates, Beach House 8 has only eight units, with each taking up at minimum a full floor. The building sold out to a mix of foreign buyers.


Related Articles

arrow_forward_ios
Craig Robins and Jackie Soffer with 2511 Lake Avenue
Jackie Soffer and Craig Robins ask $45M for waterfront Miami Beach mansion
Jackie Soffer and Craig Robins ask $45M for waterfront Miami Beach mansion
From left: Rockstar Energy's Russell Weiner, Richard Meruelo, and Maria Meruelo along with 5101 Pine Tree Drive in Miami Beach (Getty, Google Maps, Coldwell Banker)
Divorce, foreclosure and an $18M offer: Inside the saga on Pine Tree Drive
Divorce, foreclosure and an $18M offer: Inside the saga on Pine Tree Drive
Arte Surfside at 8955 Collins Avenue
Arte Surfside closing tops Miami-Dade weekly condo sales
Arte Surfside closing tops Miami-Dade weekly condo sales
Alex Sapir and Yanina Sapir
How real estate’s rich live: Alex Sapir’s wife seeks $175K/month in divorce
How real estate’s rich live: Alex Sapir’s wife seeks $175K/month in divorce
Z Capital’s James Zenni Jr. with Carillon Miami Wellness Resort at 6801 Collins Avenue
Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
Carillon Miami Beach condo owners win suit over Z Capital’s “dictatorship”
(Getty)
Active agents in Miami drop 36% in a year, as market cools
Active agents in Miami drop 36% in a year, as market cools
Miami-Dade County mayor Daniella Levine Cava, Citadel's Ken Griffin
Ken Griffin kicks in $3M to Miami-Dade fund for housing, other initiatives
Ken Griffin kicks in $3M to Miami-Dade fund for housing, other initiatives
Alex and Yanina Sapir, the Venetian Islands and the motion
Alex Sapir secretly attempted to sell Miami Beach home amid divorce, wife alleges
Alex Sapir secretly attempted to sell Miami Beach home amid divorce, wife alleges
arrow_forward_ios

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

Loading...