The Real Deal Miami

New York couple buys developer unit at the Edition for $5M

Goldman Sachs investment banker Alison Mass and author Salvatore Bommarito paid $1,814 psf
By Ina Cordle | March 07, 2017 04:45PM

Unit 801 at the Residences of the Miami Beach Edition and Darin Tansey

A New York couple just paid $5 million for a condo at the Residences of the Miami Beach Edition. The unit had been on the market for more than two years, originally priced at $6.995 million.

Records show Alison Mass and her husband Salvatore Bommarito, with a Park Avenue address in New York, bought unit 801 at the Edition, at 2901 Collins Avenue. The last asking price was $5.5 million, said Darin Tansey of Douglas Elliman, who listed the property for the seller, Marriott International. Ian Schrager and Marriott developed the Edition, which opened in late 2014.

“In 2016 in Miami Beach in the $4 million to $6 million range there were very few closings…,” Tansey said “Finally we did have a price reduction in 2016 with the election year, fluctuations in our national stock market, global currency [issues] and losing major countries like Brazil, Colombia and Venezuela.”

Lourdes Gutierrez of Compass represented the buyers. Mass is an investment banker at Goldman Sachs and Bommarito is now an author after 30 years in investment banking.

The three-bedroom, three-and-a-half bath unit spans 2,756 square feet and has a private lobby elevator. The building has just one unit per floor. The price breaks down to $1,814 per square foot.

Tansey had started selling the Edition condos for Douglas Elliman when they first hit the market in 2014, and was later sales director. He said this was the fifth unit he has sold.

He said the buyers were drawn to the open floor plan, the separated bedrooms, the private elevator lobby and the direct ocean views. “For those who don’t live in Miami having that direct ocean view is always important,” Tansey said. 

One Sotheby’s International Realty replaced Elliman in early February, taking over the remaining developer inventory at the Edition, but Tansey said this deal was already in the works. Four of 24 developer units currently remain on the market. Adjacent to the condos, the Edition’s hotel portion has 293 hotel rooms. Shortly after the hotel was completed, Marriott sold it to the Abu Dhabi Investment Authority for $230 million.

Other 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 $26 million, or nearly $5,000 per square foot.