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NY real estate investor buys Murano at Portofino condo for $5.35M

Amarjit "Lucky" Bhalla paid $1,589 psf for a three-bedroom unit
May 02, 2018 02:30PM

Murano at Portofino (Credit: Wikimedia Commons)

New York real estate investor Amarjit “Lucky” Bhalla just paid $5.35 million for a condo at Murano at Portofino in South Beach, according to property records.

Bhalla, president of Ascot Properties bought unit 1001 at 1000 South Pointe Drive. The three-bedroom, 3,000-square-foot unit sold for $1,589 per square foot.

The seller is Steven Gevas, a doctor who specializes in emergency medicine. He purchased the property in 2002 for $949,900, records show.

Bhalla’s Ascot Properties focuses on investing in multi-family, office, and retail properties in New York City’s five boroughs, as well as developing residential and resort properties. In New York, the firm has also converted more than 1,000 apartments and condos, according to its website.

The Murano at Portofino, a 189-unit luxury waterfront condo in South Beach’s South-of-Fifth neighborhood, was developed by the Related Group in 2002.

In February, pet e-commerce millionaire Alex Zhardanovsky paid $5 million for unit 1401 at Murano at Portofino. Last year, vitamin mogul Andrew Lessman paid $6 million for unit 2201.