Two condos sell at Apogee, including ex-foreclosure king David Stern’s unit for $15M

Private equity investor John Vogelstein bought Stern’s unit

Miami /
Mar.March 01, 2018 05:30 PM

From top to bottom: Apogee unit 2104, Apogee unit 1004

UPDATED, 2 p.m., March 15: Two units at Apogee South Beach just sold for $12 million and $14.8 million, according to agents involved in the deals.

Former “foreclosure king” David Stern just sold his South Beach condo for $14.8 million, marking one of the top condo sales this year. The deal closed on Thursday.

Property records show SF 800 Pointe LLC, an entity controlled by Stern’s attorney Forest McSurdy, is the seller of unit 2104 at Apogee South Beach, 800 South Pointe Drive.

Nelson Gonzalez of EWM Realty International represented the seller, and Jill Hertzberg of Coldwell Banker’s the Jills represented the buyer, John Vogelstein of New York. Vogelstein is chairman of New Providence Asset Management and a senior adviser to Warburg Pincus.

The 4,154-square-foot condo traded for $3,562 per square foot, a record for Miami Beach since a Faena House penthouse traded for $4,800 per square foot in 2015, Gonzalez said. It was on the market for more than a year, most recently asking $17.9 million. Records show investor William Duker sold the three-bedroom unit to Stern’s LLC for $12.4 million in 2013.

Stern was disbarred by the Florida Supreme Court in 2014 for alleged misconduct by his Plantation-based firm, which at one time had a statewide caseload of 200,000. He and his wife sold a Fort Lauderdale mansion in late 2015 for $27.5 million.

The second Apogee unit closed on Wednesday for $12 million. The seller is Kasa International Corp., an entity controlled by Kaya Sabanci. The 4,154-square-foot unit sold for nearly $2,900 per square foot. The Sabanci family is among the wealthiest in Turkey, according to Forbes.

Dora Puig, owner and broker of Luxe Living Realty, represented the seller and Gary Hennes of Gary Hennes Realty brought the buyer. Hennes did not respond to requests for comment. Records show Brad Bolzon, managing director of Versant Ventures, is the buyer.

Puig said the deal is a turning point for the market and for Apogee, which “has gotten really beaten up in terms of price per square foot.”

The unit last sold for $6.1 million in 2008 when the Related Group completed the luxury building.


Related Articles

arrow_forward_ios
One Thousand Museum (Google Maps, Getty)
One Thousand Museum closing tops Miami-Dade’s weekly condo sales
One Thousand Museum closing tops Miami-Dade’s weekly condo sales
Jerry Robins (Legacy)
Robins family patriarch Jerry Robins dies at 86
Robins family patriarch Jerry Robins dies at 86
Ronny Finvarb with rendering of plans for a new project in Sunset Harbour (Finvarb Group, Getty)
Ronny Finvarb proposes new resi project in Sunset Harbour
Ronny Finvarb proposes new resi project in Sunset Harbour
Lennar Corp.’s Stuart Miller with a rendering of the property
Stuart Miller plans yet another Star Island mega manse
Stuart Miller plans yet another Star Island mega manse
2201 Collins Avenue (Google Maps)
Zaha Hadid’s former W South Beach condo sells — again
Zaha Hadid’s former W South Beach condo sells — again
Montford Group' Sunju Patel and Opterra Capital Glenn Alba with 2940 Collins Avenue (Montford Group, Getty)
Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
Montford, Opterra JV buys Hilton Garden Inn Miami Beach for $28M
Joseph Chetrit and The Tides South Beach (Getty, The Tides South Beach)
Chetrit’s lender scores victory in South Beach hotel foreclosure
Chetrit’s lender scores victory in South Beach hotel foreclosure
6345 Collins Avenue (Colliers)
Oceanfront Casablanca condo-hotel in Miami Beach for sale
Oceanfront Casablanca condo-hotel in Miami Beach for sale
arrow_forward_ios

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

Loading...