The Real Deal Miami

Ocean House condo sells for $10.7M

The trade breaks down to $2,451 psf
By Amanda Rabines | August 09, 2017 01:15PM

Ocean House

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.