Closings are underway at Jeffrey Soffer’s Turnberry Ocean Club condo tower, property records reveal.
Soffer’s Fontainebleau Development recently completed the 54-story, 154-unit building at 18501 Collins Avenue, about a year after securing a $460 million refinancing from JP Morgan Chase and Mack Real Estate Credit Strategies.
The luxury condo tower has been in the works for at least five years, and had an estimated sellout of nearly $1 billion, according to documents filed with the New York Attorney General’s Real Estate Finance Bureau in 2015 for the project’s registration in New York. A spokesperson for the developer did not respond to a request for comment.
Records show five condo sales have been recorded since Thursday, ranging in price from $3.9 million to $5.8 million.
Jessica Azout, who shares the same name as the founder of JumpStart Your Future, a higher education consultancy, paid nearly $5.8 million for a unit on the 26th floor.
Leon and Andrea Bibas paid $5.5 million for a unit on the 17th floor. Leon is principal and CEO of Encajes, a textile company in Colombia that produces lace. A unit on the 18th floor also sold for $5.5 million to Jak Bursztyn and Margareth Jamri.
El Moro De La Florida LLC paid $5.6 million for a unit on the 21st floor. The company is managed by Juan Pablo Kuri Caballo and Emilio Kuri Caballo.
Scott Smith and Jacqueline Ceresnick of New Jersey paid $3.9 million for a unit on the sixth floor.
Soffer financed construction of the oceanfront tower with a $259 million construction loan from Bank OZK in 2017, a year after breaking ground on the tower.
The building has 70,000 square feet of amenities on six floors, a sky club with two swimming pools and two spas, a fitness and spa level, and a dining level. Units range from 2,750 square feet to 10,000 square feet, with three, four, five, and six-bedroom floor plans that extend over two and three levels. Asking prices went up to $35 million.
Turnberry Ocean Club joins other recently completed condo towers in Sunny Isles Beach, such as the Residences by Armani/Casa and Parque Towers.
Last year, Soffer split from Turnberry Associates to form Fontainebleau Development after 25 years of working alongside his sister and company CEO Jackie Soffer. In addition to Turnberry Ocean Club, Jeffrey’s new firm is the sole owner of Fontainebleau Miami Beach, JW Marriott Turnberry Miami, Turnberry Isle Marina, and The Big Easy Casino in Hallandale Beach (formerly known as Mardi Gras Casino).
The $975 million loan backing the Fontainebleau, Miami-Dade County’s largest resort, recently exited special servicing following successful negotiations with lenders, according to Trepp data.