Ocean House condo sells for $10.7M

The trade breaks down to $2,451 psf

Miami /
Aug.August 09, 2017 01:15 PM

A condo unit at the seven-story luxury condo complex Ocean House in South Beach just sold for $10.7 million, property records show.

The unit at 125 Ocean Drive spans 4,365 square feet. The trade breaks down to about $2,451 per square foot, a relatively high price for a non-penthouse condo.

Unit U-0403 is a four-bedroom, four-bathroom residence, according to Redfin. The buyer is 125 Ocean Trust with Fred Fraenkel named as a trustee on the deed. Fraenkel, vice chair of the New York-based financial services firm Cowen Group, declined comment through his assistant.

Records show the condo in the South-of-Fifth neighborhood last sold for $6.7 million in 2012 by an entity linked to the Miami-based accounting and advisory firm MBAF.

The unit is one of 28 at Ocean House, 10 of which are loft-style units that face Ocean Drive, while the other 18 are beachfront. Amenities include private beach access, a beachfront pool, a fitness center and a private theater room.

Among its notable residents are vitamin mogul Andrew Lessman, founder of vitamin company ProCaps Laboratories, and Daniel Stephen Hafner, CEO of Kayak Software Corp., which operates the travel site Kayak.com.

Ocean House fell into foreclosure in 2009 and lender iStar Financial later seized it. The company invested in a series of capital improvements, including the common area’s total redesign by Antrobus + Ramirez, and relaunched sales in 2012.


Related Articles

arrow_forward_ios
The property at 102 Jungle Road with Ivana Trump and Tomas Maier (Google Maps, Getty, Wikipedia)
Ivana Trump’s former Palm Beach mansion sells for $73M
Ivana Trump’s former Palm Beach mansion sells for $73M
A photo illustration of the Four Seasons Residences at Biscane Bay (left), the Mansions at Acqualina (middle), and the 1 Hotel & Homes at Miami Beach (right) (Condo.com, iStock)
Here are Miami-Dade’s top condo sales in April
Here are Miami-Dade’s top condo sales in April
Tommy Hilfiger (left) and Steve Wynn (Getty Images, Photo-illustration by Paul Dilakian/The Real Deal)
Sellers of luxury homes gain from South Florida’s flipping frenzy
Sellers of luxury homes gain from South Florida’s flipping frenzy
From left: Sonia Cheng, CEO at Rosewood Hotel Group; Peter Marino, principal of Peter Marino Architect; Michael Shvo, founder, chairman and CEO of SHVO; a rendering of the Raleigh development in Miami Beach (LinkedIn/Sonia Cheng, Getty Images, SHVO, iStock)
Rosewood Hotels to brand Michael Shvo’s Raleigh development in Miami Beach
Rosewood Hotels to brand Michael Shvo’s Raleigh development in Miami Beach
Husky Foods CEO sells Murano at Portofino penthouse in South Beach
Husky Foods CEO sells Murano at Portofino penthouse in South Beach
Husky Foods CEO sells Murano at Portofino penthouse in South Beach
From left: Ralph, Joe and Avi Nakash, owners of Setai Miami Beach, along with a photo of the condo-hotel at 2001 Collins Avenue and 101 20th Street (Setai Miami Beach, iStock)
Going down? Elevators at Setai Miami Beach keep breaking, annoying residents and guests
Going down? Elevators at Setai Miami Beach keep breaking, annoying residents and guests
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
From left: Urbanica Hotel partners Diego Colmenero and Charlie Porchetto in front of the Urbanica Meridian Hotel at 418 Meridian Avenue in Miami Beach (Urbanica Hotels, Google Maps)
Cambridge Lansdowne buys Urbanica Meridian Hotel in South Beach for $31M
Cambridge Lansdowne buys Urbanica Meridian Hotel in South Beach for $31M
arrow_forward_ios

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

Loading...