Turnberry Ocean Colony PH in Sunny Isles Beach sells for $7M

Turnberry Ocean Colony sale marked a record price psf in the building, at $1,140

Miami /
Aug.August 17, 2020 08:45 AM
Ben Nehmadi, Joseph Zichelle, Melissa Barragan, and Adam Gurewicz, with the unit

Ben Nehmadi, Joseph Zichelle, Melissa Barragan, and Adam Gurewicz, with the unit

Commercial real estate investor Republic Investment Co. sold a penthouse at Turnberry Ocean Colony in Sunny Isles Beach for $6.5 million.

The 5,700-square-foot condo at 16051 Collins Avenue has five bedrooms, five bathrooms and one half-bath, according to the listing.

Joseph Zichelle of Compass co-listed the unit along with Melissa Barragan of Dezer Platinum Realty. Adam Gurewicz at Compass brought the buyers, Dr. Michael and Martha Davidson.

Turnberry Ocean Colony, built in 2006, includes two 38-story oceanfront towers featuring 260 condos, according to its website.

The sale, at $1,140 per square foot, marked the highest price per square foot in the building. Previously, the highest price per square foot sale was $978.17 in 2015, and the average price per square foot in the building is $800, according to Zichelle.

Republic founder Ben Nehmadi had paid $3.8 million for the penthouse in 2006, according to records. He sold it to a company connected to Republic in 2010 for $2.9 million.

The condo listed in June 2019 at $8 million. The price was reduced to $7.9 million in September 2019, then to $7.5 million later that month, finally reaching almost $7 million in March, according to listings.

Republic has offices in New York, Los Angeles and Boca Raton, according to its website.

Miami-Dade County’s condo market saw 6,087 new signed contracts in July, a year-over-year increase of 82 percent. The highest growth was among condos priced between $300,000 and $399,000, where contracts rose more than 100 percent to 669.

In the second quarter, condo sales in Miami Beach and the barrier islands dropped by 52 percent year-over-year to 415. The median price of a condo was $361,000.

Sunny Isles Beach has seen activity during the pandemic. In May, Fortune International Group and Château Group scored $119 million in refinancing from Bank OZK for their planned La Playa de Varadero condo development in Sunny Isles Beach.

In April, Inter Milan soccer player Alexis Alejandro Sánchez Sánchez paid $2.45 million for a Sunny Isles Beach condo.

In December, The Federal Aviation Administration approved the height for what would be the tallest condo tower in Sunny Isles, to be developed by Gil Dezer’s Dezer Development. Beach.


Related Articles

arrow_forward_ios
Jeffrey Soffer and Turnberry Ocean Club (Getty, iStock)

Argentine politico drops $12M on two units at Turnberry Ocean Club

Argentine politico drops $12M on two units at Turnberry Ocean Club
Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS

Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS

Inside look at the Ritz-Carlton Residences Sunny Isles: PHOTOS
Turnberry Ocean Club and Jeffrey Soffer (Getty)

Closings begin at newly completed Turnberry Ocean Club in Sunny Isles

Closings begin at newly completed Turnberry Ocean Club in Sunny Isles
Icon unit tops list of most expensive condo sales in Miami-Dade (Google Maps; Icon Brickell)

Condo sales and dollar volume up from last week

Condo sales and dollar volume up from last week
A map of condo sales and Setai in Miami Beach (Credit: Google Maps)

Weekly condo sales volume in Miami drops to $50M

Weekly condo sales volume in Miami drops to $50M
From left: David Koster, Gabriel Markovich, Seth Kaufman and Daniel de la Vega

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach

One Sotheby’s acquires Decorus Realty in Sunny Isles Beach
Map of priciest condo sales and Turnberry Ocean Colony (Credit: Google Maps)

Condo sales rise, but dollar volume falls in Miami-Dade

Condo sales rise, but dollar volume falls in Miami-Dade
Judge gives Regalia developer A year to sell remaining units

Bankruptcy judge gives Regalia developer a year to sell PH and beach house

Bankruptcy judge gives Regalia developer a year to sell PH and beach house
arrow_forward_ios

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

Loading...