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Head of Azerbaijani oil company drops $5.5M at the Setai

Company tied to app CEO sold the unit for $2,336 psf
By Katherine Kallergis | June 23, 2017 12:45PM

Setai unit 2802. Inset: listing agent Eloy Carmenate

The general director of a state-owned Azerbaijani oil company just spent $5.5 million on a unit at the Setai Miami Beach, property records show.

Ikhtiyar Akhundov closed on unit 2802 at the 40-story beachfront hotel and condo tower in Miami Beach. Akhundov heads BOS Shelf LLC, reportedly the largest oil and gas rig fabrication yard in Azerbaijan. The company was formed by the State Oil Company of Azerbaijan Republic, according to its website. BOS operates the Baku Deepwater Jacket Facility, the largest construction facility of its kind on the Caspian Sea.

Akhundov bought the Setai unit from 2802/2804 Setai LLC, a company controlled by Ross Marchetta, CEO of a menu app called SkinnyTable. Records show the seller bought the Setai condo from the developer in 2004 for $1.5 million.

The three-bedroom, 2,354-square-foot unit just sold for $2,336 per square foot. It was on the market for $7.95 million in 2016 and relisted with Eloy Carmenate of Douglas Elliman for $6.9 million later in the year, Carmenate said. That means Akhundov bought the condo for a roughly 30 percent discount off the original asking price.

The seller, who Carmenate said owns other properties in Miami Beach, recently purchased a house on the Venetian Islands.

Records show Akhundov is no stranger to the Setai, as he also owns a 1,213-square-foot unit on the 32nd floor. He paid $3 million for the condo in 2015.

Units at the Setai have commanded some of the highest prices in Miami Beach, along with those at Faena House and Apogee.

Earlier this year, Russian oligarch Oleg Baibakov, co-developer of Missoni Baia in Edgewater, listed his Setai Miami Beach penthouse for $12.15 million.