The Real Deal Miami

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

New asking price of $21.9 million equates to $4,211 per square foot

August 04, 2016 09:56AM
By Sean Stewart-Muniz

  • Print
Rendering of Beach House 8 and Mario Garnero

Rendering of Beach House 8 and Mario Garnero

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.

Unit interiors

Unit interiors

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.

View from the rooftop pool deck

View from the rooftop pool deck

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.