Developer Ian Bruce Eichner has slashed the price of his Continuum South Beach penthouse as he mulls his next project in Miami.
Eichner cut the price of the 11,031-square-foot, seven-bedroom unit to $39.9 million. That’s 20 percent below the original $50 million ask. Eloy Carmenate and Mick Duchon of Douglas Elliman have the listing.
“You put an apartment on the market with a price, which would have made sense, but then the market changes,” Eichner said. He added, “So, I’m going to reduce the price to a number that reflects the market. Five percent is too little and 50 percent is stupid.”
Eichner is founder of the New York-based Continuum Company, which delivered the two-tower condo development at 50 and 100 South Pointe Drive in 2003. The property features two pools, a gym and tennis courts.
His penthouse comes with a cabana, a guest unit on a lower floor and 10 parking spaces. The unit features a terrace with a private pool, a screening room and large open kitchen. It hit the market in 2015, and the price was reduced a year ago to $48 million.
Earlier this year, developer Related Group CEO Jorge Pérez slashed the price of his penthouse nearby at One Ocean, a building he developed, to $10.95 million, a 45 percent discount off the original asking price.
The New York developer said he’s considered working with a starchitect who is new to Miami to build a Continuum condo project on the mainland, possibly in downtown Miami, Wynwood or the Design District. Units would be priced below $1,000 a foot. If he builds a new development in Miami, he would carve out a unit for himself there.
“Most of the buildings done here have been done by the same half dozen architects,” Eichner said. “So I’m looking for land. I’ve looked at several different pieces of property. Part of what made the Continuum on South Beach was the grounds. I don’t expect to find another 9-acre site in downtown Miami. But I think there’s an opportunity to do something with green that has not been done there.”