Golf Outing Tickets

The Real Deal Miami

Harvey Hernandez sells his Brickell penthouse for $5.3M

Penthouse sold at a 23% discount off the original asking price
By Katherine Kallergis | August 18, 2017 01:45PM

Harvey Hernandez and his Jade Brickell penthouse (Credit: Zoltan Prepszent)

Developer Harvey Hernandez sold his Jade Brickell penthouse for $5.3 million.

Hernandez, president and CEO of Newgard Development Group, sold the two-story, 4,500-square-foot unit at 1331 Brickell Bay Drive, according to the agents who arranged the deal. It traded for $1,778 per square foot.

Penthouse 4707 was renovated by Urban Root Associates and features a rooftop terrace, European oak floors, Boffi fixtures, a Poliform kitchen, Lualdi Italian doors, and a leather-wrapped private elevator foyer. It hit the market in January for $6.95 million and was later reduced to $6.5 million. The penthouse sold at a 23 percent discount off the original asking price.

Hernandez, who planned to include a Tesla Model X in the sale, did not include the electric car because it sold for under the asking price, listing agent Brett Harris of Douglas Elliman said.

Gary Lazarus and Monte Levin of Fortune International Realty represented the buyer, whom they declined to identify. The deed has not yet been recorded.

Hernandez bought the unit from J.J. Rendon, a political consultant, psychologist and political activist in Latin America. Records show he paid $4 million for the penthouse in 2015.

Newgard is based at 1330 Brickell Bay Drive –  which was a short commute for Hernandez. The Miami-based developer recently completed Centro, a mid-priced condo tower in downtown Miami and is building the Gale Hotel & Residences Fort Lauderdale Beach.

Hernandez is looking to buy a waterfront property in Miami Beach where he can have his boats, Harris said.

Tennis champ Andy Murray recently sold his Jade Brickell unit for $2.4 million after more than two years on the market.