Russian oligarch Oleg Baibakov, who is co-developing Missoni Baia in Edgewater, just listed his Setai Miami Beach penthouse for $12.15 million, The Real Deal has learned.
Baibakov purchased the 3,571-square-foot penthouse villa C at 101 20th Street for $6 million in 2007, under OTB Trust, linked to a New York address, records show.
Douglas Elliman’s Bill and Bryan Team, led by Bill Hernandez and Bryan Sereny, have the listing. They declined to name the seller, but said he renovated the three-bedroom, three-and-a-half-bath unit most recently last year. The asking price equates to $3,402 per square foot.
Baibakov had listed the unit before, for as much as $15 million in 2015, according to published reports.
“It’s been on the market before, and he recently renovated it,” Hernandez told TRD. “He needs more space and he understands market condition, so he has it listed at a price to move in this market.”
The penthouse features 14-foot ceilings, an Italcraft Kitchen, Gagganau, SubZero and Miele appliances, Dornbracht and Hansgrohe fixtures, and Lutron and Creston systems that control lighting and sound, according to the listing. It is on the lower of two penthouse floors, and has 270-degree views, Hernandez said.
Units at the Setai have commanded some of the highest prices in Miami Beach, along with those at Faena House and Apogee. On a price per-square-foot basis, Sereny said Setai units have sold at the highest level of all, because of location and views.
“The Setai was built during a time period when the city permitted 40-story towers and have since changed the zoning code and you cannot go beyond 17,” Sereny said.
In February, the co-founder and CEO of fashion retailer Theory sold penthouse suite B at the Setai for $8.5 million, or $3,372 per square foot — a 38 percent discount from its 2015 asking price.
Baibakov, a mining oligarch whose name is sometimes written as Baybakov, has been active in Miami real estate over the years. In 2014 his company 700 Edgewater Development spent more than $30 million assembling 1.7 acres in Miami’s Edgewater neighborhood.
He and Russian developer Vlad Doronin have teamed up with Missoni to build the Italian fashion brand’s first residential project on the property, at 700 Northeast 26th Street. The planned 57-story, 146-unit Missoni Baia is being designed by Asymptote Architecture and Revuelta Architecture.