The Real Deal Miami

NY hedge funder sells two units at Continuum South Beach for $10M

Buyer bought unit 3704 for $2,420 psf and unit 3702 for $1,591 psf
By Ina Cordle | March 03, 2017 02:45PM

Continuum units 3407 and 3402. Inset: Sellers Jonathan Pollack and Tea Zagarac-Pollack

A New York hedge funder just sold two units on the 34th floor of the Continuum South Beach to the same buyer for a total of $10 million.

Myriam Bruni and Mark Zilbert

Records show Zegarac Pollock Family Foundation, linked to Jonathan Pollock, co-chief executive at Elliott Management in New York, and his wife Tea Zegarac-Pollock, sold units 3407 and 3402 at the Continuum’s South Tower at 100 South Pointe Drive.

Unit 3407 is a four-bedroom, three-and-a-half bath unit spanning 2,954 square feet. It sold for $7.125 million, or $2,420 per square foot. Unit 3402 has two bedrooms and two-and-a-half bathrooms amid 1,791 square feet. Its sale price was $2.85 million, which equates to $1,591 per square foot. The condos were sold furnished.

The buyer of both units is 3407 South Pointe Corp., whose director is Christopher Steven Smith of Las Vegas.

Mark Zilbert, president of Brown Harris Stevens | Zilbert, represented the seller and Myriam Bruni of Sterling Equity Realty represented the buyer, whom she declined to identify. Bruni said the buyer plans to use the condos for vacations with his family. “That is what attracted him, a high floor and it was two apartments, and he had the option to buy them together,” she told The Real Deal.

The units, which are not adjacent but down the hall from each other, had been listed for $7.75 million and $3.325 million. So together, the buyer bought them at a 10 percent discount.

Zilbert said the sellers simply felt “it was just time to sell.” Records show the couple paid $4 million for unit 3704 in 2007 and $1.45 million for unit 3402 in 2009.

“We sold very quickly,” Zilbert told The Real Deal. “I looked at 2016 as a tough year all around, particularly in the condo market, but what we are seeing since the election, and much more noticeably since the start of the year, is a lot of interest from buyers at the highest levels.”

The Continuum, at 50 and 100 South Pointe Drive, was developed by Ian Bruce Eichner’s Continuum Company in 2002 and 2008. Sieger Suarez Architects designed the two-tower condominium, which sits on a 12-acre property. Amenities include two lagoon pools, a spa and gym, and 1,000 feet of beach frontage.

In December, Brazilian TV star Roberto Justus, who rose to fame during his years-long stint hosting Brazil’s version of “The Apprentice,” sold his Continuum condo for $15.3 million. The six-bedroom, seven-bathroom unit sold for $2,115 per square foot. And in November, an entity controlled by Argentinian media moguls (and husband and wife) Daniel Hadad and Viviana Zocco sold their double unit at the Continuum for $10.5 million, or nearly $2,400 per square foot.