Construction firm CEO buys PH at Grove at Grand Bay

5-bedroom penthouse traded at a 34% discount off original asking price

Jan.January 10, 2018 09:45 AM

PH2 at Grove at Grand Bay and William Haugland (Credit: Cervera Real Estate and Haugland Group)

The CEO of a major construction company just spent $8.25 million on a penthouse in Coconut Grove.

William Haugland, chairman and CEO of Plainview, New York-based Haugland Group, and his wife Linda just picked up PH2 at Grove at Grand Bay, according to the firm that brokered the deal. His multistory penthouse spans 5,216 square feet, meaning it traded for about $1,580 per square foot.

The Haugland’s five-bedroom, six-and-a-half bathroom home was designed by Paolo Bacchi, and came with turn-key, custom-designs by Artefacto, including marble floors, artwork and a high-brow baccarat chandelier designed by Marcel Wanders.

Cervera Real Estate’s Sandra Masis had the listing. The penthouse hit the market in August for $12.5 million. The 34 percent discount off the original asking price is telling of the current luxury condo real estate market, where plenty of luxury condo owners are considering reducing their prices in order to sell.

Terra completed Grove at Grand Bay two years ago. The 98-unit, twin 20-story development at 2669 South Bayshore Drive, was designed by starchitect Bjarke Ingels along with John Nichols of Nichols Brosch Wurst Wolfe & Associates. Sales launched in 2012.

Other buyers so far include Terra founder and chairman Pedro Martin; Aztec Group founder and CEO Ezra Katz; and hotel developer Bernard Wolfson.

Related Articles

Miami Beach seeks to fix floor area ratio controversy involving Galbut and Martin’s Park on Fifth project

Miami Beach seeks to fix floor area ratio controversy involving Galbut and Martin’s Park on Fifth project

Harvey Hernandez and Michael Patrizio

Newgard hires Terra exec as SVP of development

Jonathan Newhouse and Eighty Seven Park (Credit: Getty Images)

Condé Nast scion drops $6M on Miami Beach condo

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach sues own board to overturn decision on Crescent Heights’ and Terra’s proposed condo tower

Rendering of Terra’s project and David Martin

Terra plans massive multifamily project in northwest Miami-Dade

2131 South Bayshore Drive (Credit: Realtor)

Isaac Kodsi trades Miami Beach pad for Grove estate

A rendering of CocoWalk (Credit: iStock)

Sweetgreen expanding to Florida with first locations in Miami

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project