Condo unit at Harvey Hernandez’s Brickell House sells for $5.5M

Salvador Padron bought the condo for $797 psf
By Keith Larsen | August 01, 2019 01:30PM

UPDATED, Aug. 2, 1:15 p.m.: An original buyer at Harvey Hernandez’s Brickell House condo sold their unit for $5.5 million, an increase of about $600,000 roughly five years after the project was delivered.

Salvador Padron’s 1300 MB Investment LLC bought the 6,902-square-foot unit 4400 in the luxury condo development at 1300 Brickell Bay Drive for $797 per square foot, records show. Brickell House 4400 LLC, which is managed by Rodriguez Hadyy, sold the property.

The 46-story Brickell House overlooks Biscayne Bay and has 374 units. It was developed by Miami-based Newgard Development Group, which is led by Hernandez.

Brickell House 4400 LLC previously bought unit 4400 for $4.9 million from the development group in 2014, records show. The unit has six bedrooms and 7.5 bathrooms, according to Realtor.com.

When Brickell House was completed in 2014, it included a unique amenity– a new state-of-the-art robotic car elevator that would direct cars to their assigned parking spaces.

But the technology never worked properly and residents were forced to park in a neighboring garage, according to a complaint filed in Miami-Dade County.

In October, the Brickell House Condominium Association reached a $32 million settlement with the elevator’s insurer, the Hartford Steam Boiler Inspection and Insurance Co. The settlement, which appears to be one of the largest of its kind, is nearly half the $61 million policy the association took out to cover the elevator’s technology.

Correction: An earlier version of this story incorrectly identified the buyer as an executive with PepsiCo.