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Condo closings begin at Michael Stern’s waterfront Monad Terrace
59-unit building was designed by Pritzker Prize-winning architect Jean Nouvel
Closings are underway at developer Michael Stern’s Monad Terrace, a waterfront boutique condo development in Miami Beach.
Property records show seven condos have sold so far, ranging from $1.4 million to $8 million, at the 59-unit project at 1300 Monad Terrace. Stern’s JDS built the project with its partners, New Valley, Ackerman Development, Mink Development and others.
The building, designed by Ateliers Jean Nouvel with architect Kobi Karp, has been in the works since at least 2015, when a Stern-led entity began assembling the site. Douglas Elliman is handling sales on behalf of the developer.
Joshua and Alison Wander paid $8 million for penthouse B, a five-bedroom, six-and-a-half bathroom unit with 5,350 square feet of interior space and 7,697 square feet of terrace space. Wander is a managing partner and co-founder at 777 Partners, a Miami-based private equity firm. He and his wife financed their purchase with a $5 million loan from JPMorgan Chase, records show.
Penthouse B went into contract in 2019, but the project has experienced a recent surge in sales, a spokesperson said. Units totaling more than $70 million have gone under contract in the past three months, including three of the four penthouses. Remaining units range in price from $2 million to $12.5 million.
Penthouses at Monad Terrace are averaging nearly $2,200 per square foot, the spokesperson said.
Amenities at Monad Terrace include a sundeck with a swimming pool and hot tub that overlooks Biscayne Bay, a cafe and juice bar, a wellness center, dock, and a bicycle and water sports storage room.
In 2018, Stern and his partners financed construction with a $137 million loan from Madison Realty Capital, a New York-based real estate investor and lender. The partners spent more than $51 million assembling the 14-parcel development site between 2015 and 2016.
Sales launched in 2017.
Nouvel, a Pritzker Prize-winning architect, sued the developer in 2018 over alleged non-payment. The case was dismissed last year.
Stern, a Miami Beach resident, acquired the land last year for a 62-story tower in Brickell. That project calls for 1,000 rental apartments, 200 micro-units, a nearly 200-key Treehouse Hotel, 250,000 square feet of office space and a new $8 million fire station. It will be delivered between 2024 and 2025.