Federated Companies developer buys Faena House condo for $6M

Unit sold for $2,709 psf

Miami /
Jul.July 08, 2021 01:30 PM
Jonathan Cox and Faena House at 3315 Collins Avenue, Miami Beach (Federated Companies, Foster and Partners)

Jonathan Cox and Faena House at 3315 Collins Avenue, Miami Beach (Federated Companies, Foster and Partners)

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.






    Related Articles

    arrow_forward_ios
    3750 West 16th Avenue in Hialeah (Courtesy of RG Property Group)
    KEI Properties buys Hialeah office-retail property for $8M
    KEI Properties buys Hialeah office-retail property for $8M
    Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
    Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
    Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
    Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
    Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
    Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
    I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
    I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
    I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
    Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
    Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
    Surfside site’s stalking horse bidder signed contract, auction slated for February as claims could reach $1B
    Fortune International Realty’s former Miami office sells for $8M
    Fortune International Realty’s former Miami office sells for $8M
    Fortune International Realty’s former Miami office sells for $8M
    South Florida residential sales rose in August, but single-family closings fell across the tri-county region. (iStock)
    South Florida single-family home sales decline in August as inventory shrinks
    South Florida single-family home sales decline in August as inventory shrinks
    Waterfront condo project approved for Fort Lauderdale’s barrier island
    Waterfront condo project approved for Fort Lauderdale’s barrier island
    Waterfront condo project approved for Fort Lauderdale’s barrier island
    arrow_forward_ios

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

    Loading...