Federated Companies developer buys Faena House condo for $6M

Records show FEDEQ DV002.01 LLC, led by Cox, bought unit 7C at 3315 Collins Avenue. The seller is 555 Partners LLC, a Delaware corporation signed by Carlos X. Rodriguez.

Cox founded Miami-based The Federated Companies in 2000 and serves as chairman. The firm has developed and managed over 7,500 units of residential housing, according to its website. The Federated Companies has offices in Miami and Boston.

The seller’s entity purchased the 2,030-square-foot condo from the developer in 2015 for $5.1 million, or $2,512 per square foot.

The condo was listed two years later for $7.2 million. After price changes, it was most recently asking $6.2 million. The unit sold for $2,709 per square foot. Lourdes Gutierrez of Compass represented the seller.

It features two bedrooms and two-and-a-half bathrooms, and includes 1,190 square feet of outdoor space with views of the ocean and city, according to the listing.

Faena House, a 44-unit, 17-story condo tower, was developed by Alan Faena and investor Len Blavatnik. It opened in 2015.

In September, Faena House’s condo association sued the developer, general contractor and subcontractors for a laundry list of alleged construction defects at the building, including a broken elevator in the penthouse, missing art, cracking in the concrete and chalky paint. The suit is still pending.

Last month, billionaire Ken Griffin sold his penthouse in the luxury Miami Beach building for $11.2 million, after selling his larger penthouse for $35 million in December. Also in December, Alex Blavatnik sold his unit for $11.5 million.

Also in December, Cox spent $9 million on a waterfront Venetian Islands home. He immediately listed the 4,833-square-foot house for rent at $60,000 a month.