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Ohio steel family sells South Beach condo for 48% off ask
The 12th floor condo also sold for 14% below its previous sale price
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.