GGP exec pays $5.4M for penthouse at the Miami Beach Edition

Seller heads New York-based private equity firm, Metalmark Capital

Jun.June 12, 2017 09:45 AM

Miami Beach Edition unit 1406. Inset: Richard Pesin

A General Growth Properties executive just paid $5.4 million for a penthouse at the Miami Beach Edition, property records show.

GGP Executive Vice President Richard S. Pesin closed on unit 1406 at the Edition, at 2901 Collins Avenue. The seller is SB Miami Properties LLC, an entity controlled by Howard Hoffen, chairman and CEO of a New York-based private equity firm, and Sandra Hoffen. It sold for nearly $2,400 per square foot.

Pesin heads development and anchor leasing for the retail real estate investment trust, according to his LinkedIn profile.

The Hoffens paid $6.58 million for the 2,255-square-foot condo in 2014 and put it on the market in November for $6.1 million, a Redfin listing shows. Howard Hoffen founded and leads Metalmark Capital.

The couple listed their Miami Beach unit with Bill Hernandez and Bryan Sereny of Douglas Elliman. It features floor-to-ceiling glass, whitewashed teak floors, a custom European Bulthaup kitchen, smart home features, a private rooftop deck with a plunge pool and an outdoor kitchen, according to Redfin.

Pesin paid 11 percent less than the ask for the two-story penthouse, and it sold for about 18 percent less than its last sale in 2014.

Marriott International and Ian Schrager developed the Edition, which opened in late 2014. Shortly after the 293-key hotel was completed, Marriott sold it to the Abu Dhabi Investment Authority for $230 million.

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

One Sotheby’s International Realty took over remaining developer sales at the Edition earlier this year. The building has 26 condos.

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