Stuart Eichner sells Continuum unit for nearly 30% off original ask

Unit hit the market in 2016 for $12.9M or $4,300 psf

Apr.April 27, 2018 02:53 PM

Unit 3501 at the Continuum

Continuum investor Stuart Eichner just sold his Continuum South Beach unit for $9.3 million, a 28 percent discount off the original ask.

Eichner, who invested in the Continuum project, is the brother of developer Ian Bruce Eichner, whose Continuum Company built the $440 million, two-tower condominium in 2002 and 2008.

He sold unit 3501 at 50 South Pointe Drive to Miami Sun Holdings V LLC. State records show John Marshall of Miami Beach controls the LLC.

Samantha Elenson of One Sotheby’s International Realty represented Eichner and his wife. Douglas Elliman’s Eloy Carmenate and Mick Duchon brought the buyer.

The Eichners first listed the three-bedroom, 3,000-square-foot unit condo in 2016 for $12.9 million, or $4,300 per square foot, the took it off the market for a few months and relisted it the following year for $11.5 million, or $3,800 per square foot. It just sold for about $3,070 a foot.

The deal included a poolside two-story, 600-square-foot loft-style cabana, and five parking spaces. Property records show Eichner paid $4.1 million for unit 3501 and cabana 4 at 50 South Pointe Drive.

In 2015, his brother, Ian Bruce Eichner, listed his four-story penthouse at the Continuum for $50 million, or $4,519 per square foot. It is no longer on the market.

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Investor sells Continuum unit for 20% below original ask