The Real Deal Miami

Combined Properties founder buys penthouse at 1 Hotel & Homes

3,100 sf unit was on the market for $14M and sold for $11.5M
By Amanda Rabines | September 11, 2018 03:30PM

Ronald Haft and unit 1609 at 1 Hotel & Homes

Commercial real estate investor Ronald Haft just picked up a penthouse at 1 Hotel & Homes South Beach, reportedly marking the priciest unit to trade at the hotel condo development.

Haft, chairman and founder of the Washington, D.C.-based Combined Properties, bought the three-bedroom, 3,139-square-foot unit for nearly $3,700 per square foot.

Unit 1609 hit the market earlier this year with an asking price of $14 million, according to a sales representative. Another penthouse suite is on the market for $16 million.

Michael Toomey of Keller Williams represented the buyer. Douglas Elliman’s Tracy Galya and Zaida Dudash are handling sales at 1 Hotel & Homes. The condo component is 92 percent sold.

Barry Sternlicht’s Starwood Capital, developer Richard LeFrak and Invesco purchased and redeveloped the 18-story tower in 2012 for about $230 million. The former Perry South Beach Hotel reopened as 1 Hotel South Beach after the developers poured about $100 million into renovations.

Haft’s unit sold with furnishings by Artefacto Home Staging. The two-story condo features white oak flooring, 15-foot ceiling heights and ocean views. Amenities include access to the hotel’s rooftop pool and bars as well as a fitness center, spa and chauffeured Tesla car services.

Haft’s Combined Properties focuses on investing in retail centers in the D.C. metropolitan area. The firm is also working on a number of commercial developments, including a boutique condo and hotel project in Los Angeles. Haft also previously served as the president of the publicly traded company Dart Group Corporation.

Haft also owns a condo unit at 1500 Ocean Drive, which is currently on the market, according to Toomey.