Multifamily real estate investor Irving Langer, founder and CEO of E&M Management, and his wife, sold their penthouse at Fendi Château Residences for $16.8 million, roughly $4 million less than their purchase price five years ago.
Langer, and his wife, Miriam, sold PH 03 at Fendi Château Residences at 9365 Collins Avenue in Surfside to Daniel Rosenberg and Arielle Rosenberg, records show.
Brooklyn-based E&M Management is one of the largest real estate investment and management companies in New York, focusing on multifamily buildings. Last year, Langer was trying to refinance a loan for a 42-property portfolio in New York.
The Langers bought the Fendi Château unit from the condo developer for $21 million in 2016. The 12-story, 58-unit oceanfront condo tower was completed that year.
According to property records, the penthouse spans 6,505 square feet and has four bedrooms and five-and-a-half bathrooms.
Fendi Château Residences was the first Fendi residential building in the world, developed by the Chateau Group. It spans 3 acres with 300 feet of oceanfront. The 12-story tower was designed by Arquitectonica, with amenities including pools, private cabanas, a restaurant and bar, a fitness center and spa and a private theatre.
In December, Access Industries executive Alex Blavatnik bought a unit at Fendi Château Residences for $12.2 million.