Ohio steel family wants to flip Glass South Beach unit for $13M

BHS sued the owners earlier this year, alleging they failed to pay the brokerage's commission

Apr.April 03, 2017 06:00 PM

Glass unit 1200. Inset: listing agents Eloy Carmenate and Mick Duchon

An Ohio family of steel magnates is looking to flip one of its two units at Glass, a boutique South Beach condo building completed about two years ago, for $12.9 million.

Records show Majestic Steel Properties Inc. paid nearly $7.9 million for the 3,374-square-foot, full-floor condo in 2015. The company is owned by Dennis Leebow, founder of wholesale steel supplier Majestic Steel, and his son Matthew Lebow, head of acquisition and development.

The owners just hired Douglas Elliman’s Eloy Carmenate and Mick Duchon to list the three-bedroom unit on the 12th floor of Glass, at 120 Ocean Drive, Carmenate told The Real Deal. SoJo Design handled the interiors for the unit, which features wraparound terraces, Gaggenau kitchen appliances, white oak flooring and custom Ornare closets. The asking price breaks down to about $3,800 per square foot.

The $12.9 million price tag marks a 64 percent increase from its previous sale. Realtor.com shows only one other condo for sale in the 10-unit, 18-story building, which is unit 900, asking $9.5 million or $2,800 per square foot.

Terra Group developed the boutique project and hired Rene Gonzalez to design it. The South-of-Fifth development includes a gym and pool, access to a private beach club, housekeeping and valet. Carmenate handled preconstruction sales for Glass, which he said exceeded $100 million. Owners include Jason Derulo, who recently bought a unit in the building, Carmenate said.

Majestic Steel Properties bought the 12th floor unit along with unit 1100 for an additional $7.3 million. The Lebows, who haven’t lived in either condo, plan to keep 1100, according to Carmenate. Earlier this year, Brown Harris Stevens Miami LLC sued Majestic Steel Properties for allegedly failing to pay the commission on a failed sale of one of the two Glass units. The Lebows’ company kept the $1.2 million deposit without paying Brown Harris Stevens its $540,000 cut, according to the suit.

Carmenate declined to comment on the suit. Court records show a hearing is set for Friday.

Related Articles

From left: e.b. Solomont, Ron Shuffield, Mike Pappas, Oren Alexander and Phil Gutman

Unrealistic pricing bogs down Miami luxury condo market: TRD Showcase & Forum

(Credit: iStock)

South Florida Q3 resi sales a mixed bag, with inventory falling: Elliman

Jay Parker and Howard Elfman and Riva condos

Fort Lauderdale broker accuses Douglas Elliman’s Jay Parker of reneging on commission agreement: lawsuit

Construction of downtown Hollywood high-rise may start soon

Jeffrey Epstein commits suicide by hanging himself in his Manhattan jail cell

Miami developer Dan Kodsi plans large St. Petersburg project that could cost $2B

South Florida firm buys Sunrise apartment complex for $20.2M

Home owned by late Miami Marlins pitcher Jose Fernandez is in foreclosure