A high-profile trial attorney, whose clients have included Uber, WeWork founder Adam Neumann and billionaire hedge funder Dan Loeb, is among the latest New Yorkers to relocate to Miami.
Bill Carmody and his wife, Catherine, paid $11.8 million for a penthouse at developer Michael Stern’s Monad Terrace luxury condo project in Miami Beach, he told The Real Deal. The two-building development at 1300 Monad Terrace was designed by Pritzker Prize-winning architect Jean Nouvel.
For Carmody, the relocation marks a return to South Florida, where he lived in the 1980s, bartending at properties including the Mutiny Hotel in Coconut Grove.
The long-time New Yorker landed in Miami in January and said he hasn’t left since. Carmody works about six month a year and represents clients around the country. He recently represented Neumann in a nearly $1 billion lawsuit with SoftBank, which was settled in February.
The Carmodys rented a unit at The Four Seasons Residences at the Surf Club in Surfside before moving to Monad Terrace. In New York, they lived at the Herzog & de Meuron-designed 40 Bond Street.
Carmody and his wife initially looked at single-family homes, but “we found ourselves chasing the market,” he said. “Once I found Monad, it was kind of lights out.”
Penthouse A at Monad Terrace has 4,823 square feet of interior space and 4,961 square feet of exterior space, four bedrooms, four bathrooms and two half-bathrooms. Dina Goldentayer of Douglas Elliman represented the buyer, and Elliman represented the developer in the sale.
The two-story penthouse features a private pool and hot tub on the rooftop deck and 20-foot ceilings, Goldentayer said. The building is about 80 percent sold, according to a spokesperson for the project.
Stern’s JDS Development Group completed the seven-story and 13-story, 59-unit bayfront project and began recording closings earlier this year. Amenities 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. Units range from 1,453 square feet to 5,350 square feet.
In March, Joshua Wander, managing partner and co-founder of the private equity firm 777 Partners, paid $8 million for a larger penthouse at Monad Terrace.
Goldentayer said she has closed three sales at the building. Since the inventory of single-family homes has been absorbed, buyers are looking for larger condos, she added.
“The trend continues that condos that are over 5,000 square feet are house replacement opportunities,” Goldentayer said. “And a penthouse certainly is in a league of its own.”
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Residential
South Florida
Condo closings begin at Michael Stern’s waterfront Monad Terrace