Jorge Pérez sells Hollywood penthouse for $6M

Pérez paid $2M for the unit in 2013, and listed it for $7.6M in the fall

Related Group’s Jorge Pérez and his Apogee Beach penthouse. (Related, Douglas Elliman)
Related Group’s Jorge Pérez and his Apogee Beach penthouse. (Related, Douglas Elliman)

UPDATED, May 6, 1:35 p.m.: Related Group’s leader Jorge Pérez sold his penthouse at Apogee Beach for $6 million, after listing it for sale in the fall, The Real Deal has learned.

Pérez, the billionaire chairman and CEO of the Miami-based firm, sold the full-floor penthouse at the Hollywood condo tower to personal injury lawyer William Schwitzer of William Schwitzer & Associates in New York, according to a social media post and sources.  Property records show Schwitzer purchased the condo via the limited liability company called Frat Boys With Money.

William Schwitzer (William Schwitzer & Associates)

William Schwitzer (William Schwitzer & Associates)

Pérez paid about $2 million for the unit when his company completed the building in 2013, and listed it for $7.6 million in October. Oren Alexander of Douglas Elliman represented Pérez, and Gillian Fessler, also with Elliman, brought the buyer.

Pérez said in a statement that “few markets can even come close to Hollywood Beach in terms of price appreciation.”

The 5,051-square-foot unit, at 3951 South Ocean Drive, has five bedrooms, a den, five full bathrooms and one half-bathroom, as well as an additional 6,307 square feet of terraces. It has a rooftop deck with an outdoor kitchen and a private pool.

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Penthouse 2401 sold for $1,190 per square foot.

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Rendering of Baccarat Miami (Credit: ArX Solutions)
Residential
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Miami condo craze returns as developers look to seize the moment

The 22-story, 49-unit oceanfront condo building was designed by architect Carlos Ott and features a pool as well as a gym, club room, theater and kids lounge.

Also in Hollywood, Related recently received approval to develop a 30-story, 300-unit condo project and rebuild the outdated Hollywood Beach Culture and Community Center.

Late last year, Pérez named one of his sons, Jon Paul Pérez, president of Related.

Related has launched a handful of projects in recent months, including Solemar, a luxury condo building planned for Pompano Beach; and Baccarat, a phased development in Brickell.

Other condo developers have followed suit, propelled by the increase in single-family home and condo sales during the pandemic.