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Italian investor sells Eighty Seven Park unit to hedge funder in first closing since deadly condo collapse next door

All-cash, off-market deal was in the works prior to the collapse

Eighty Seven Park and the lot where the Champlain Towers South once stood (Douglas Elliman)
Eighty Seven Park and the lot where the Champlain Towers South once stood (Douglas Elliman)

An Italian investor sold his condo at Eighty Seven Park, marking the first closing at the oceanfront tower since the collapse of Champlain Towers South next door.

Miami-based Slow Emotion, led by Giovanni and Stefano Giusto, sold unit 602 at 8701 Collins Avenue in Miami Beach, records show. The three-bedroom, 2,279-square-foot condo sold for $3,949 per square foot. It marks one of the highest prices per square foot in the building.

The buyer is an unnamed hedge fund manager from New York who purchased the condo via a Delaware LLC in an off-market deal, sources said. The buyer paid all cash.

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The unit, with three bathrooms and one half-bath, previously sold for $7.5 million in December 2019. The developer, a partnership led by David Martin’s Terra, completed the North Beach building at about the same time.

The buyer, who went in contract prior to the deadly collapse of Champlain, closed on time and was “very comfortable” buying in the building, according to Douglas Elliman agent Stefania Cambarau, who represented the buyer alongside David Siddons. Yet, the collapse led to several deals at Eighty Seven Park falling apart, Cambarau said. Siddons, who is listing a combined unit on the 11th floor for $24 million, said “the market is up and moving again,” following the tragedy.

Vittoria Ruzzi of Luxe Living Realty represented the seller. Ruzzi was the listing agent when the property was rented for $45,000 a month, prior to the sale. She said the unit is on the “best line” in the building, with views of the ocean, as well as looking south toward North Shore Oceanside Park.

Eighty Seven Park was closed for weeks after the partial collapse of Champlain Towers South in Surfside on June 24 that killed 98 people. The developer of Eighty Seven Park is named in related litigation, citing complaints and concerns from Champlain residents during construction of Eighty Seven Park. The building, now controlled by its condo association, has since reopened. It is just south of the Champlain site.

Before the collapse, Novak Djokovic sold his unit at Eighty Seven Park for $6 million.

Tags
Condo MarketEighty Seven ParkMiami BeachNorth BeachSurfsideSurfside Condo Collapse