American Eagle Outfitters CEO snags PH at Ritz-Carlton Miami Beach

The sale marks one of the first closings at the luxury condo development.

TRD MIAMI /
Sep.September 26, 2019 03:30 PM
Jay L. Schottenstein and the Ritz-Carlton Residences, Miami Beach

Jay L. Schottenstein and the Ritz-Carlton Residences, Miami Beach

The CEO of American Eagle Outfitters bought a penthouse at the Ritz-Carlton Residences, Miami Beach for $6.5 million, in one of the first closings at the luxury condo development.

JLS North Meridian LLC, managed by Jay L. Schottenstein, who also leads Schottenstein Stores, purchased the lower penthouse 12 at 4701 North Meridian Avenue in Miami Beach. Property records do not indicate the square footage of the property.

The Columbus, Ohio-based company, Schottenstein Stores, owns stakes in the retailer DSW, American Signature Furniture and American Eagle Outfitters. Schottenstein was named CEO of American Eagle Outfitters in 2015.

Last week, Petra Levin, the former Miss Germany, bought a condo at the Ritz-Carlton Residences, Miami Beach for $4.8 million.

Ritz-Carlton Residences, Miami Beach was developed by Miami-based Lionheart Capital, led by Ophir Sternberg and Ricardo Dunin, and New York-based Elliott Management Corp. It is the first full-scale architectural project in the U.S. by Piero Lissoni, an acclaimed Italian architect who is known for his minimalist design.

In August, the developers secured a temporary certificate of occupancy for the Mid-Beach project. The development group had launched sales in 2014 and initially said closings would begin by the end of 2017.

The Ritz-Carlton Residences has 111 condos and will also have 15 standalone villas, with overall prices ranging from $2 million to $40 million.

In addition to condos and villas, Ritz-Carlton Residences, Miami Beach features gardens, pools and 36 private boat slips. Shared amenities include an art studio, a rooftop pool deck with private cabanas and a restaurant, a waterfront bar and social room, pet grooming facilities, indoor and outdoor yoga studios, a meditation garden and car wash facilities.

Lionheart Capital paid Mount Sinai Medical Center $20 million for the property in February 2012.


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