Condo at Glass Miami Beach sells at 15% loss

Hospitality exec sold the unit to former CEO of Church & Dwight Co.

Oct.October 16, 2019 11:38 AM
Glass Miami Beach and James R. Craigie

Glass Miami Beach and James R. Craigie

A unit at a boutique South Beach condo building in the South of Fifth neighborhood sold at a 15 percent loss from its last purchase price four years ago.

Dena Grunt of Marshall, California sold unit 1500 at Glass to James R. Craigie for $7.5 million, property records show. Craigie is the former CEO of Church & Dwight Co., a household and personal care product line and non-executive chairman of Newell Brands’ board of directors.

The seller was represented by Anna Sherrill and Mary LaScala at One Sotheby’s International Realty, according to The buyer was represented by Jacques Bouhadana at Coldwell Banker.

The 3,389-square-foot unit sold for $2,213 per square foot. Grunt paid $8.9 million for the unit in 2015. David Martin’s Terra sold the condo at the time.

Grunt runs Highway 1 Hospitality, which oversees a number of resort and dining properties near San Francisco, according to its website.

The three-bedroom, three-bathroom unit features a Calcutta marble kitchen with Gaggenau and Sub-Zero appliances, oak wood floors and a master bathroom made of Arrabescato marble.

The 18-story, 10-unit luxury condo building was designed by architect Rene Gonzalez and completed in 2015. True to the building’s namesake, the units all have floor-to-ceiling glass windows that boast 360-degree views of the ocean and Miami Beach. A penthouse unit sold for $20 million in 2015.

Some parts of Miami Beach’s luxury market are seeing price drops due to weakening demand from South American investors and a large supply of high-end units on the market.

In the second quarter, overall residential sales dropped in Miami Beach to 964, down 6 percent year-over-year, according to a Douglas Elliman report.

The median sale price was $406,000, a 7.3 percent decline, and there were nearly 20 months of supply, up 6.5 percent. In the same quarter, condo sales in the beachfront markets of Miami-Dade fell by nearly 6 percent to 861.

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