Incentives company CEO pays $11M for Oceana Bal Harbour unit

Rendering of Oceana Bal Harbour. Inset: Serge Kay, who represented the buyer
Rendering of Oceana Bal Harbour. Inset: Serge Kay, who represented the buyer

The chairman and CEO of a major incentives company just paid nearly $11 million for a developer unit at Oceana Bal Harbour.

Marc Farbstein, head of New Jersey-based Rymax Marketing Services, closed on unit 2501 in the south tower of the newly completed condo development, at 10201 Collins Avenue in Bal Harbour. Serge Kay of Keller Williams represented Farbstein, Kay told The Real Deal.

Rymax provides employee incentive and loyalty programs for corporations, and has more than 300 brands that it works with, including Coach, Miele, Vince Camuto and others, according to Rymax’s website.

Farbstein’s new condo has three bedrooms and four-and-a-half bathrooms. The 4,177-square-foot unit features 180-degree views of the ocean, South Beach and the city and a 1,595-square-foot terrace, Kay told TRD. He said the unit includes a custom kitchen, white and black lacquer cabinets, an open kitchen and dining room.

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The deal closed on Feb. 14, Kay said. Records show 129 units have closed at Oceana out of the project’s 240 residences. Developer Eduardo Costantini completed the 28-story development in November. Oceana has an estimated $1.3 billion sellout, which would set a record in South Florida.

Other Oceana Bal Harbour buyers include companies tied to paper manufacturing magnates Bob and Lynne Grossman, the CEO of the Puerto Madero steakhouse chain, a Russian helicopter operator, Chicago auto magnates Phillip H. and Nancy Resnick, Fidelity Investments portfolio manager Mark Notkin.

Arquitectonica designed the development, and Piero Lissoni designed the interiors, the private restaurant and the penthouse bathrooms. Enzo Enea designed the pool deck landscape.

The 5.5-acre site was formerly known as the Bal Harbour Beach Club before Consultatio purchased it in 2012 for $220 million.