The Real Deal Miami

Theory co-founder sells Setai penthouse to Brazilian mogul for $8.5M

Andrew Rosen paid $8.6M for the unit in 2013, which means he sold it at a loss

Setai unit. Inset: Andrew Rosen (Credit: Getty Images)

The co-founder and CEO of fashion retailer Theory finally sold his penthouse at the Setai Miami Beach for $8.5 million, at a 38 percent discount from its 2015 asking price.

And the buyer is Jonas Barcellos Corrêa Filho, CEO of Brasif, a Leblon, Brazil-based conglomerate that has holdings in the distribution and rental of heavy machinery, retail, real estate development and investment, finance, biotechnology, sugar, ethanol and biomass electricity generation, agriculture and livestock, according to published reports.

Records show Capri 101 PH LLC, which is controlled by Barcellos, bought penthouse suite B at the Setai, at 101 20th Street in Miami Beach. He paid $3,372 per square foot for the three-bedroom, 2,521-square-foot unit on the 38th floor of the building.

The condo first hit the market in March 2015 for $13.75 million, a 60 percent increase from its previous sale price in 2013. Jennifer Restrepo of Luxury Living Realty first had the listing, but it was last with Compass agent Lourdes Gutierrez for $10.9 million. Gutierrez could not immediately be reached for comment.

The buyer’s agent was Luciana Barreto of Cervera Real Estate. Barreto, who declined to comment on the buyer’s identity, said her client was looking for a bigger unit. “There are only a few units like that and they have an amazing view, so you get the north and south side of the ocean,” she said. “And it was a good deal for him.”

Rosen, who co-founded Theory with Elie Tahari in 1997, paid $8.6 million for the unit, which means he just sold it at a loss. It was recently renovated. Barreto said an identical unit on the 35th floor sold for $12 million in March 2014.