Ohio steel family sells South Beach condo for 48% off ask

The 12th floor condo also sold for 14% below its previous sale price

TRD MIAMI /
Jun.June 01, 2020 10:30 AM
Todd Leebow and Glass in South Beach (Credit: AMM, Seaside Properties Group)

Todd Leebow and Glass in South Beach (Credit: AMM, Seaside Properties Group)

UPDATED, June 2, 9:55 a.m.: An Ohio family of steel magnates who tried to flip their South Beach condo for a big profit ended up selling it at a loss.

Property records show Majestic Steel Properties Inc., led by Todd Leebow, sold unit 1200 at Glass, at 120 Ocean Drive, to Samuel Susi of Boca Raton for $6.75 million.

Majestic Steel Properties paid $7.9 million for the three-bedroom, 3,389-square-foot unit in 2015 when the building was completed. The company then tried to sell it in 2017 for $12.9 million.

It sold for 48 percent off the 2017 asking price and for 14 percent less than Leebow’s purchase price. It most recently was listed for $9 million with Miltiadis Kastanis of Douglas Elliman. Ethan Pickett of Elliman represented the buyer. Both agents declined to comment.

Price cuts are becoming more common during the pandemic as some sellers try to cut short their losses.

The buyer, Susi, financed his purchase with a $5.4 million loan from Quicken Loans.

The unit features wraparound terraces, Gaggenau kitchen appliances, white oak flooring and custom Ornare closets.

David Martin’s Terra developed the 10-unit, 18-story boutique project and Rene Gonzalez designed it.

Majestic Steel Properties also owns unit 1100, which it acquired in 2015 for $7.3 million.

Cleveland, Ohio-based Majestic Steel USA has processing and distribution centers throughout the U.S., according to its website.


Related Articles

arrow_forward_ios
Map of priciest condo sales and One Thousand Museum (Credit: Google Maps and Wikipeda)

Miami condo sales bounce back

Miami condo sales bounce back
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
Map of priciest condo sales and Oceanside Fisher Island (Credit: Google Maps and Redfin)

Miami condo sales flatten at the end of June

Miami condo sales flatten at the end of June
David Martin, Rene Gonzalez and Glass 120 Ocean Drive (RGA, Google Maps)

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects

Glass condo owners in South Beach sue Terra, architect and contractors, alleging construction defects
Map of priciest condo sales and Bayview Fisher Island unit 5342 (Google Maps, Compass. JJW Construction)

Miami condo sales dollar volume continues to drop

Miami condo sales dollar volume continues to drop
Map of priciest condo sales and Palazzo Della Luna (Google Maps)

More Miami condos sold last week, but dollar volume fell

More Miami condos sold last week, but dollar volume fell
BridgeInvest Alex Horn, Variety Hotel at 1700 Alton Road in Miami Beach

Lender files to foreclose on new South Beach hotel

Lender files to foreclose on new South Beach hotel
Map of priciest condo sales and Palazzo Del Sol

Condo sales volume surges in first week of June

Condo sales volume surges in first week of June
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...