Jorge Pérez sells Hollywood penthouse for $6M

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

Miami /
May.May 06, 2021 11:33 AM
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.

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

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Also in Hollywood, Related recently received approval to develop a 30-story, 300-unit condo project and rebuild the outdated Hollywood Beach Culture and Community Center.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






    Related Articles

    arrow_forward_ios
    Bay Park at 3301 Northeast Fifth Avenue (Google Maps)
    Investment firm makes $130M offer for 60-year-old Edgewater condo complex
    Investment firm makes $130M offer for 60-year-old Edgewater condo complex
    Jose Luis, Martin and Carlos Melo with renderings of Aria Reserve (Melo Group)
    Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
    Seeing double: Melo joins Miami condo craze with two-tower Edgewater project
    Jorge, Jon Paul and Nick Pérez (Photos by Studio Scrivo)
    Related Group’s condo kings expand their realm
    Related Group’s condo kings expand their realm
    Robert Rivani of Black Lion Investment Group and Wynwood Arcade. (LinkedIn, Cushman & Wakefield)
    Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
    Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso
    Daniel Sundheim and 2850 Tigertail Ave (Getty/Patrick McMullan, Related)
    Daniel Sundheim’s D1 Capital Partners inks 10-year Miami office lease
    Daniel Sundheim’s D1 Capital Partners inks 10-year Miami office lease
    Related's Jorge Perez, Metro's Daniel Hughes and Terra's David Martin with Two Park Grove
    Commercial brokerage chief buys PH at Two Park Grove for $10M
    Commercial brokerage chief buys PH at Two Park Grove for $10M
    The complex at 10900 Town Circle with (from left) Group chair and CEO Jorge Pérez and President Jon Paul Pérez and Pantzer Properties co-CEOs Jason and Jordan Pantzer (The Point at Wellington, Related, Pantzer)
    Related Group sells Royal Palm Beach apartments for $119M
    Related Group sells Royal Palm Beach apartments for $119M
    Jacques Barbera and 800 South Pointe Drive (Google Maps)
    Bar Invest Group chief sells Apogee condo in South Beach for $8M
    Bar Invest Group chief sells Apogee condo in South Beach for $8M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...