Novak Djokovic to pay up to $8.9M for unit at Eighty Seven Park

Miami /
Mar.March 28, 2017 06:00 PM

UPDATED March 28 9 p.m. The No. 2 men’s tennis player in the world, Novak Djokovic, will pay up to $8.9 million for a unit at Terra Group’s Eighty Seven Park in North Beach, a spokesperson told The Real Deal.

Djokovic’s purchase of a unit at the Renzo Piano-designed building was announced in January without a price. Terra, Bizzi & Partners and New Valley are developing the 70-unit, 20-story beachfront tower at 8701 Collins Avenue. A spokesperson told The Real Deal the price was $8.9 million, but later said she spoke incorrectly and the price is up to $8.9 million.

Djokovic, who just withdrew from the Miami Open due to an elbow injury, will pick up a three-bedroom, three-and-a-half-bathroom unit at Eighty Seven Park when it’s completed. The range of prices for three-bedroom units is $4.3 million to $8.9 million. Wall Street Journal first reported the sale earlier this year.

Douglas Elliman is handling sales for the North Beach tower. Units will range in size from 1,400 square feet to 7,000 square feet, and prices from $1.6 million to $45 million for the penthouse. Rena Dumas Architecture Intérieure and WEST 8 Urban Design & Landscape Architecture are also working on the project design.

Terra President David Martin purchased the property, which was the site of the former Howard Johnson Dezerland Hotel, from Sunny Isles developer Michael Dezer for $65 million in 2013 and knocked it down in 2015.

Terra closed on a $91 million construction loan in January 2016. The developer said it plans to go vertical in April.

Correction: A previous verson of this story said the price was $8.9 million, according to the spokesperson, but she later said she spoke incorrectly.


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