Brazilian billionaire developer completes 57 Ocean in Miami Beach with sellout of over $330M

Sales launched in 2018, penthouse recently sold for $36M

From top to bottom: Edgardo Defortuna, Marcelo Kingston and Jose Isaac Peres with 57 Ocean (DBOX)
From top to bottom: Edgardo Defortuna, Marcelo Kingston and Jose Isaac Peres with 57 Ocean (DBOX)

Brazilian billionaire Jose Isaac Peres’ Multiplan Real Asset Management completed its luxury oceanfront condo project in mid-Miami Beach, The Real Deal has learned.

The developer sold out and secured the temporary certificate of occupancy for 57 Ocean, an 18-story, 69-unit building at 5775 Collins Avenue, said Marcelo Kingston, managing partner at Multiplan. That includes the penthouse, which sold to an undisclosed buyer for $36 million.

Kingston said closings will begin in October. The building sold out for more than $330 million. Sales launched in 2018 and prices ranged from about $1.5 million to $36 million.

Fortune Development Sales exclusively handled sales and marketing. About 60 to 70 percent of the buyers are domestic, said Edgardo Defortuna, president and CEO of Fortune International Group.

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Marcelo Kingston and a rendering of 57 Ocean (Credit: DBOX)
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Defortuna said sales have been “very steady” since 2018, and the development team was able to raise prices.

Kingston said the migration of out-of-state buyers to Florida helped to “push sales in ways not ever seen before.”

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Among the buyers, Stifel’s managing director of investments, Chuck Roberts, paid $13.8 million for a lower penthouse.

The penthouse that sold for $36 million spans 7,500 square feet of indoor space and has an additional 7,000 square feet of terraces. It features a pool, spa pools, summer kitchen, sauna, an office, private gym, club room, and five suites. Ralph Arias of One Sotheby’s International Realty represented the buyer.

The condo building is designed by Bernardo Fort-Brescia of Arquitectonica with interiors by Brazilian designer Patricia Anastassiadis. Amenities include a spa, wellness pavilion, poolside treatment cabanas and a fitness center.

The project was completed on time, despite having to adapt to supply chain issues caused by the pandemic, Kingston said.

“We had to be nimble and agile to maneuver through that,” he said.

Multiplan secured a $58.5 million construction loan from Bank OZK for 57 Ocean last year.

The developer is also building Ocean Park, a boutique condo project on Ocean Drive in Miami Beach, that is expected to be completed next summer, according to Kingston.

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