Chinese buyer behind bulk purchase at Brickell City Centre’s Rise condo tower

Miami /
Oct.October 27, 2016 03:45 PM

A wealthy Chinese buyer who lives in both Shanghai and Hong Kong and has never visited Miami  is the buyer behind a $10.9 million bulk purchase of 12 units at Brickell City Centre’s recently completed Rise condo tower, The Real Deal has learned.

Real estate brokers Marc Hameroff and Sam Sayegh, president and CEO, respectively, of AG Real Estate Advisors’ Asia division, sold the units to the Chinese buyer, who they declined to name. Han Lin, a New York-based agent with the Meier Group, referred Hameroff and Sayegh to the buyer.

Hameroff and Sayegh said the buyer lives in a Swire-developed tower in Hong Kong. Swire Properties is also the developer of Brickell City Centre.

They said the buyer plans to rent out the Miami units, which are mostly on the 28th floor of Rise, at 88 Southwest Seventh Street. “He will rent the properties and keep them for several years until the market turns again,” Hameroff told TRD. The buyer also plans to make more investments in Miami, he added.

Though the Chinese buyer has never visited Miami, “his representatives and people who work with him have been to Miami, so he has some familiarity,” Sayegh said. “But this was an investment, not for personal use.” A recent CBRE report ranked Miami fourth for Asian investment among U.S. cities, after New York, San Francisco and Chicago.

Rise received its temporary certificate of occupancy two months ago and closings began in September. Both Rise and its sister condo tower Reach, which started recording closings in April, have 390 units priced between $595,000 and $2.7 million.

The units are delivered move-in ready and have access to amenities including an on-site concierge, fitness center, half-acre amenity deck with lap and social pools, plus a 24-hour valet.

Here are the 12 Rise units purchased by the Chinese buyer, with purchase prices and square footage. The Next Miami first reported the closings of the units:

Unit No.PriceInterior square footage
2301 $918,9001,384
2802 $1,339,9001,853
2803 $900,9001,376
2804 $979,0001,520
2805 $850,9001,275
2806$592,900982
2607 $666,9001,070
2808 $631,900986
2809 $870,9001,356
2810 $950,9001,504
2811 $930,9001,383
2812 1,239,9001,839

Brickell City Centre, a $1.05 billion mixed-use project, includes East, Miami hotel and Three Brickell City Centre, which have also opened. Brickell City Centre’s shopping center, a 500,000-square-foot retail component, is scheduled to launch next Thursday. Saks Fifth Avenue is the anchor, and luxury stores will be located on the first floor, with premium and contemporary retailers on the second and third floors. The shops will feature street-level access to an underground two-story garage.


Related Articles

arrow_forward_ios
Cain International's Jonathan Goldstein, OKO Group's Vlad Doronin and the Brickell condo renderings. (Getty, OKO Group & Cain International)
Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
Billionaire Vlad Doronin, partner score $128M construction loan for Brickell condo tower
JDS Development's Michael Stern with a rendering of the One Southside project (JDS Development)
Michael Stern’s tower site deemed brownfield, paving way for tax breaks
Michael Stern’s tower site deemed brownfield, paving way for tax breaks
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
Brickell dev site hits market, broker expects it to fetch more than $25M
Founders Fund partners Peter Thiel and Keith Rabois (Getty/Illustration by Kevin Rebong for The Real Deal)
Silicon Valley’s Founders Fund inks Miami lease
Silicon Valley’s Founders Fund inks Miami lease
Renderings of the One Brickell project with Jorge Pérez  and Jon Paul Pérez (Photos via Wikipedia Commons, Related)
Related to partner with Baccarat on major Brickell high-rise development
Related to partner with Baccarat on major Brickell high-rise development
Yamal Yidios and an aerial view of the property (Ytech)
Ytech completes $12M deal for Brickell high-rise dev site
Ytech completes $12M deal for Brickell high-rise dev site
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Continuum 2.0? Bruce Eichner teams with TSG to develop Brickell tower
Michael Stern and a rendering of the project (Getty, JDS Development/SHoP Archictects)
Michael Stern pays $24M for future site of 62-story Brickell tower
Michael Stern pays $24M for future site of 62-story Brickell tower
arrow_forward_ios

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

Loading...