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.


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