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The Real Deal Miami

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

Private equity investor John Vogelstein bought Stern’s unit
By Katherine Kallergis | March 01, 2018 05:30PM

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.