Eighty Seven Park’s priciest penthouse sells for $37M

Sale price is 46% below the original asking price of $68M

Eighty Seven Park (iStock)
Eighty Seven Park (iStock)

A penthouse at Eighty Seven Park sold for $37 million, marking the highest price sale at the Miami Beach luxury condo tower.

Records show that the developer, Terra, through 8701 Collins Development LLC, sold the unit, PH1, to Miami 360 LLC, managed by Joseph M. Hernandez, who chairs the real estate practice group at Weiss Serota Helfman Cole & Bierman.

The developer also provided $20 million in financing, records show.

The six-bedroom, eight-bathroom penthouse has 12,410 square feet of interior space and 18,247 square feet of outdoor terraces. It also features a service suite, a private gym, home theater and a rooftop terrace with two 45-foot long infinity pools, summer kitchens and an outdoor theater.

The Renzo Piano-designed Eighty Seven Park in North Beach had much higher hopes for the sale price of the penthouse. The two-story unit went on the market with an asking price of $68 million in 2018. It sold for 46 percent below that asking price.

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Eloy Carmenate of Douglas Elliman leads sales of the 18-story tower that was completed last year. He declined to provide any information about the buyer. Elliman’s Oren Alexander represented the buyer.

Records show the next priciest condo sold to date at Eighty Seven Park is unit 1702, which sold for $18.2 million in April.

Features of Eighty Seven Park include an underground parking garage, a gym/spa and a rooftop terrace.

The tower was built on the site of the former Howard Johnson Dezerland Hotel, which was originally known as the Biltmore Terrace. Terra bought the property for $65 million in 2013.

Buyers at Eighty Seven Park include Michael Huffington, who paid $7.5 million for his unit; Daniel Glass, a music industry executive and managing director of Goldman Sachs, who bought multiple units for a combined $18.3 million; and the wife of former Domino’s Pizza CEO, who paid $11.45 million for a unit.

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