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Tampa Bay Rays co-owner Randy Frankel sells PH at Related’s One Ocean in South Beach
One Ocean’s condo association sued the Related Group and seven companies in 2019, alleging shoddy construction
Tampa Bay Rays co-owner Randy Frankel sold his penthouse at One Ocean in South Beach for $6.5 million.
Records show Frankel sold unit 707 at 1 Collins Avenue in Miami Beach to One Ocean 707 LLC, a Florida corporation.
The sale was the second most expensive condo sale in Miami-Dade County last week.
Frankel bought the penthouse for $6.4 million in 2016, the same year the building was completed by the Related Group.
Property records show Frankel owns two other properties in Miami-Dade County, including a waterfront Miami Beach mansion he purchased in August for $14.4 million.
According to Realtor.com, the condo was first listed in August 2016 at $8.5 million, only two months after Frankel’s purchase. The price was then changed to $7.9 million in 2017. The most recent listing, in 2019, was for $7 million.
Eloy Carmenate and Mick Duchon with Douglas Elliman represented Frankel, while Brett Eaglstein of The Carroll Group at Compass represented the buyer.
The penthouse has five bedrooms and five-and-a-half bathrooms. The unit also has a rooftop terrace and a glass-encased pool. Enrique Norton designed the eight-story, 50-unit building.
In April 2019, One Ocean’s condominium association sued the developer, the Related Group, along with seven companies involved in the project’s construction, alleging shoddy construction. Court filings show the suit is still open.
At the start of the year, Related Companies CEO Jeff Blau sold his condo at One Ocean for $5 million.