Brazilian retail mogul buys Oceana Bal Harbour condo for $8M

Seller sold the luxury condo for about 20% less than he paid in 2017

Nov.November 05, 2019 03:30 PM
Chad Carroll, Cyril Matz and Fernando Alves with unit 2501 at Oceana Bal Harbour

Chad Carroll, Cyril Matz and Fernando Alves with unit 2501 at Oceana Bal Harbour

UPDATED, Nov. 6, 4 p.m.: Brazilian retail mogul Élvio Gurgel Rocha closed on a unit at Oceana Bal Harbour for $8.15 million.

Property records show Marc Farbstein, CEO of Hollywood-based Premium Digital Control & Automation, sold his three-bedroom, 3,992-square-foot unit at 10201 Collins Avenue. Lincoln Capital Investments LLC, tied to Gurgel Rocha, is the buyer, according to a source. The deal breaks down to $2,041 per square foot.

Gurgel Rocha, of São Paulo, Brazil, is a director at Guararapes-Riachuelo, the largest fashion group in Brazil and the parent company of the retail chain Lojas Riachuelo, one of the country’s biggest department store chains, according to Reuters.

Farbstein, previously chairman and CEO of a major incentives company in New Jersey, paid $10.11 million for Oceana Bal Harbour unit 2501 in 2017.

That means he sold it for about 19 percent less than what he paid two years ago. Resellers of luxury units are reducing their asking prices in an effort to cut their losses amid an overwhelming supply of condos.

Chad Carroll and Cyril Matz of Douglas Elliman represented the seller, while Fernando Alves of Charles Rutenberg Realty brought the buyer. The unit first hit the market in 2018 for nearly $12 million, and returned to the market in March of this year asking about $9.5 million. Alves declined to comment on the buyer’s identity.

The unit is decorator-ready, which means that while the kitchen and bathrooms are installed, it does not yet have flooring, window treatments and closets. It also has a wraparound terrace, floor-to-ceiling windows, a gourmet kitchen and access to Oceana’s amenities.

Developer Eduardo Costantini completed the 28-story development in 2016. Arquitectonica designed the development, and Piero Lissoni designed the interiors, the private restaurant and the penthouse bathrooms. Enzo Enea designed the pool deck landscape.

Earlier this year, a South Carolina newspaper family’s trust paid $7.1 million for a condo at Oceana Bal Harbour.

The 5.5-acre site was formerly known as the Bal Harbour Beach Club before Costantini’s Consultatio purchased it in 2012 for $220 million.

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