The Real Deal Miami

Oceana Bal Harbour penthouse sells to Cayman Islands buyer for $26M

The 9,371-square-foot unit sold for $2,721 per square foot
By Katherine Kallergis | February 23, 2017 09:45AM

Rendering of Oceana Bal Harbour. Inset: developer Eduardo Costantini

The first of two penthouses to go under contract at Oceana Bal Harbour has closed for $25.5 million.

Records show UPH01S LLC purchased upper penthouse unit 2801 at the luxury condo development, at 10201 Collins Avenue. The Miami-based company lists Ibericlake Holdings Limited of the Cayman Islands as the manager. The buyer’s identity is unknown, and the LLC did not finance the sale with a mortgage, which means it likely paid cash.

The 9,371-square-foot unit is one of four upper penthouses at the building. If sold unfinished, the condo traded hands for $2,721 per square foot.

Consultatio, led by Eduardo Costantini, completed Oceana in November. The  28-story, 240-unit building was designed by Arquitectonica with interiors by Piero Lissoni and landscaping by Enzo Enea. It has an estimated $1.3 billion sellout, director of sales and marketing Ernesto Cohan previously told The Real Deal.

Records show 136 unit closings have been recorded at Oceana. Other Oceana Bal Harbour buyers include companies tied to paper manufacturing magnates Bob and Lynne Grossman, the CEO of the Puerto Madero steakhouse chain, Chicago auto magnates Phillip H. and Nancy Resnick, and Marc Farbstein, the chairman and CEO of New Jersey-based Rymax Marketing Services.

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