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The Real Deal Miami

Buyers from New York and Mexico score condos at St. Regis Bal Harbour

Sales fetched $11M, combined
By Amanda Rabines | September 29, 2017 03:15PM

Senada Adzem and St. Regis Bal Harbour Unit 1801 (Credit: Douglas Elliman)

Two units sold at St. Regis Bal Harbour this week to buyers from New York and Mexico.

Elliot Azoulay, CEO of New York-based ESI Cases & Accessories, a manufacturer of cellular, gaming, and MP3 accessories, paid $5.8 million for unit 1801 at St. Regis’ North tower.

The unit measures 3,884 square feet, meaning the trade breaks down to about $1,493 per square foot.

An undisclosed buyer from Mexico also bought a unit at St. Regis’ North tower. Records show the buyer paid $5.2 million for unit 1001, under entity Armar Capital USA LLC. A source close to the deal confirmed the buyer was from Mexico. The 3,884-square-foot unit traded for about $1,351 per square foot. Rena Kliot, owner of Pulse International Realty, represented the buyer.

St. Regis Bal Harbour Unit 1001 (Credit: Douglas Elliman)

Douglas Elliman’s Senada Adzem had both listings. She took over the listings from Natalia Cheremeta of Victoria Blintser Real Estate, about a year ago. The units hit the market in 2014, according to Adzem.

Unit 1801 originally asked for $9.5 million in September 2014, meaning is sold at a 39 percent discount off its original asking price. Unit 1001 hit the market in January 2014 for $9.9 million, meaning is sold at a 47 percent discount off its original asking price.

The three-bedroom, three-bathroom units each feature floor-to-ceiling windows and new custom-built kitchens, designed by architect and design firm Archiproject, Adzem said. She said she has two other units at St. Regis Bal Harbour closing soon.

Instead of waiting for buyers to come to Miami, the Douglas Elliman agent said the team arranged events in London, Mexico City, Moscow, Zurich and New York to scout potential buyers.

“Buyers have a lot of [luxury condo] choices, “Adzem said pointing to Oceana and the Four Seasons Private Residences at The Surf Club. “So we had to find a way to differentiate ourselves.”

St. Regis Bal Harbour has been known to capture big price tags. In 2015, Jeff Miller of Brown Harris Stevens | Zilbert was hired to list a full floor in the south tower for $25 million. A year before, the complex’s hotel component was sold to Qatar’s largest development company for an incredible $213 million.