Eighty Seven Park condo sells for $18M to tax-motivated buyer

Five-bedroom unit sold for nearly $2,700 psf

Miami /
Apr.April 07, 2020 02:30 PM
Eighty Seven Park and David Martin

Eighty Seven Park and David Martin

A condo at the Renzo Piano-designed Eighty Seven Park in North Beach sold for $18.23 million last week.

David Martin’s Terra and its partners sold unit 1702 to a tax-motivated domestic buyer planning to relocate permanently in South Florida, said Victoria Fisher of One Sotheby’s International Realty. Fisher and Juan Aluma of One Sotheby’s represented the buyer. Douglas Elliman represented the developer.

The deal closed on March 30, said Fisher, who declined to identify the buyer. Due to the Covid-19 outbreak, the buyer wasn’t able to travel to attend the closing, so it was handled by an attorney.

Terra declined to comment on the sale.

The 6,800-square-foot unit at Eighty Seven Park is made up of one full unit and a portion of another unit on the 17th floor. It has five bedrooms, five bathrooms, seven parking spaces, a large terrace, and high-end appliances, cabinets and doors, according to One Sotheby’s. It sold for $2,681 per square foot.

Terra’s partners on Eighty Seven Park include Bizzi & Partners, New Valley and Pacific Eagle.

The 18-story, 66-unit luxury tower is architect Piano’s first residential building in the Western Hemisphere. The developers recently paid off their $155 million construction loan for the luxury condominium tower, which they completed last year. Elliman is handling sales and marketing.

Amenities include a fitness center, pool, private garden, juice bar, wine bar and library.

Buyers at Eighty Seven Park include tennis pro Novak Djokovic, Jonathan Newhouse, chairman of the Condé Nast board and former CEO of Condé Nast International; as well as a music industry executive and a managing director of Goldman Sachs. h


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