The developer of a boutique luxury condo project in Miami Beach is adding units based on increased demand, a rarity during a condo market slowdown.
Multiplan Real Estate Management is adding 10 “sky residences” to 57 Ocean, now a 71-unit development planned for 5775 Collins Avenue, managing partner Marcelo Kingston said. That brings the number of sky residences to 18, up from 8.
Kingston said the developer decided to reconfigure the building’s design after selling more than half of those units, which range from $6.95 million to $8.5 million. The “sky residences” have more than 5,000 square feet of indoor and outdoor space, four bedrooms, a family room, and 12-foot-deep terraces facing the city and the ocean. They’ll be located on the south and north corners on the upper floors of 57 Ocean.
Kingston said the project’s presales speak to the quality of the building in an oversaturated marketplace. Developers have largely held off on launching new condo projects in Miami’s high-end, coastal markets due to the slowdown in new development condo sales.
But Kingston said that he’s seeing an increase in buyers from New York. That could be due to an increase in “tax refugees” – a.k.a. ultra wealthy buyers who are flocking to states with no income tax like Florida due to changes in the tax code.
Penthouses at 57 Ocean range from $15 million to $35 million. And a penthouse duplex, which can be customized by size, is also available.
Multiplan, led by Brazilian billionaire José Isaac Peres, launched sales of 57 Ocean with Fortune Development Sales in October and unveiled a multimillion-dollar sales center in January.
The beachfront property was previously home to the Marlborough House condo building, which unexpectedly collapsed at once during its planned demolition last year, killing a project manager. Earlier this year, the family of that project manager filed a wrongful death lawsuit against the contractor and subcontractors, as well as the developer.