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
Karen H. Bechtel and Continuum South Beach (100 South Pointe Drive, Miami Beach) (Bechtel via Carlyle)
Private equity power couple sell 36th floor condo for $30M
Private equity power couple sell 36th floor condo for $30M
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Developers David Martin, Russell Galbut and renderings of the project.
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
David Martin and Russell Galbut start sales of Five Park condo tower in South Beach
HFZ’s Ziel Feldman with the Shore Club (Getty, Facebook via Shore Club)
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
HFZ Capital off the hook for $6M in failed Shore Club South Beach deal
Chris Lorenzen and Richard W. Gray III with Apogee at 800 South Pointe Drive in Miami Beach (LinkedIn, DJR Enterprises, Apogee Condo South Beach)
Securities trading CEO buys Apogee condo in South Beach for $12M
Securities trading CEO buys Apogee condo in South Beach for $12M
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
Attorney Bill Carmody with Monad Terrace. (JDS Development Group, Susman Godfrey)
Attorney Bill Carmody buys PH at Monad Terrace, relocates to Miami Beach
Attorney Bill Carmody buys PH at Monad Terrace, relocates to Miami Beach
Jacques Barbera and 800 South Pointe Drive (Google Maps)
Bar Invest Group chief sells Apogee condo in South Beach for $8M
Bar Invest Group chief sells Apogee condo in South Beach for $8M
arrow_forward_ios

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

Loading...