The Real Deal Miami

One Sotheby’s tapped to handle inventory at the Edition, replacing Elliman

De la Vega said project was "lacking true international exposure"
By Katherine Kallergis | February 03, 2017 05:15PM

The Edition. Inset: Daniel de la Vega

The Edition has hired One Sotheby’s International Realty to handle sales for the remaining inventory, replacing Douglas Elliman. 

Anna Sherrill

One Sotheby’s represents the development as of Friday, president Daniel de la Vega told The Real Deal. That includes four units priced from $3 million to $10.9 million. Anna Sherrill is director of sales, and Macarena Gomez and Ivan Chorney are the listing agents.

Marriott International and Ian Schrager opened the Edition, at 2901 Collins Avenue, in late 2014. It has 26 condos and 293 hotel rooms. Shortly after the hotel was completed, Marriott sold it to the Abu Dhabi Investment Authority for $230 million.

De la Vega said One Sotheby’s will market the project online, through its affiliates and through events in locations like London, New York, Paris and the Middle East. He said his firm is finding success in cities like Chicago, D.C. and Boston. Latin America is “still strong, but not as strong as it was.” Harvey Daniels is vice president of development sales for One Sotheby’s, de la Vega said.

“I believe the development was lacking true international exposure, which is something nobody else in our market can offer,” he told TRD. “Our strategy is to expose this property to the world. The Edition has become a very well-known brand and it’s grown tremendously. The condominiums are ultra luxury condos with the highest finishes.”

Susan de França, president and chief executive officer of Douglas Elliman Development Marketing, said it was “an honor” to represent the project. “We are enormously proud to have sold 85 percent of the residences, including the recording-setting penthouse, and wish the new team the best of luck with the remaining units,” de França wrote in a statement to TRD.

The inventory One Sotheby’s is taking over includes: penthouse 1404, a 3,725-square-foot unit that will be re-listed for $10.9 million; units 1001 and 1101, listed for $5.5 million and $5.9 million, respectively; and unit 1203, a 1,517-square-foot condo that will be asking $3 million. Asking prices range from $2,926 a foot for the penthouse to $1,978 per square foot for the smallest available unit, 1203.

The brokerage worked with the developer to adjust pricing on the units. “Everybody’s adjusting because of pent-up inventory and slowed demand,” de la Vega said, calling this period of the market a “slight adjustment.”

Unit owners at the Edition include Schrager, who paid $5.5 million for a 2,268-square-foot penthouse in March of last year, and Bollywood actress and businesswoman Poonam Khubani, who re-listed her penthouse with the Jills for a whopping $26 million, or nearly $5,000 per square foot.