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

Miami /
Apr.April 03, 2017 06:00 PM

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

arrow_forward_ios
Julie Jones (Getty)
Florida Luxurious Properties sues ex-partner Julie Jones over Elliman jump
Florida Luxurious Properties sues ex-partner Julie Jones over Elliman jump
South Florida resi sales plunge in Q1, prices climb in Q2
South Florida resi sales plunge, prices climb in second quarter
South Florida resi sales plunge, prices climb in second quarter
Douglas Elliman CEO Jay Parker with a rendering of Clara Bay Harbor and Chetrit Group’s project in the Miami River district (right) (Clara Homes, Douglas Elliman)
Elliman’s new development rental arm expands into South Florida
Elliman’s new development rental arm expands into South Florida
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
Julie Jones (Florida Luxurious Properties)
Top Broward broker Julie Jones joins Douglas Elliman
Top Broward broker Julie Jones joins Douglas Elliman
Buyer Armen Avanessians and 157 Peruvian Avenue (Goldman Sachs, Realtor.com, iStock)
Former Goldman Sachs exec drops $12M on Palm Beach home
Former Goldman Sachs exec drops $12M on Palm Beach home
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...