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Miami investment manager buys penthouse at Echo Brickell
Unit was originally listed for $11.5M
UPDATED, July 30, 11:45 a.m.: A Miami private investment manager closed on a penthouse unit at Echo Brickell.
Steven Pasko, the co-founder of Miami-based 777 Partners, and his wife, Michelle Pasko paid $8 million for penthouse 54 at 1451 Brickell Avenue, according to Douglas Elliman. Pasko bought the 5,050-square-foot condo from the developers, Property Markets Group and JDS Development Group.
The 57-story, 180-unit luxury condo tower was completed in late 2017.
Pasko was represented by Anca Mirescu of Douglas Elliman, while Sergio Pintos and Liliana Pardo of ISG represented the developers.
The condo was originally listed for $11.5 million, which means it sold for 30 percent below its ask.
Pasko co-founded 777 Partners in 2015. The firm invests in specialty finance businesses, asset originators, and financial technology and service providers. The company has a stake in Flair Airlines, an Edmonton-based Canadian budget airline.
Pasko is also the CEO of SuttonPark Capital, a servicer of structured settlements, life-contingent structured settlements, lottery winnings, and life and investment annuities in the U.S.
The developers launched sales of Echo Brickell in 2013.
The skyscraper, designed by Carlos Ott and Yoo Studio Design, features a 2,800-square-foot fitness center, pool, food and beverage services, hot tubs and sunbathing deck, and a health club and spa.
PMG spent $25 million for the development site in 2013 and financed construction with nearly $124 million in financing from Canyon Capital Realty Advisors.