Flipping out: Penthouse at Michael Stern’s Miami Beach project flips for 30% more in six months
Buyer is managing director at New York firm Perceptive Advisors
The head of a New York-based life sciences hedge fund put down roots in Miami Beach.
Ellen Hukkelhoven, managing director of Perceptive Advisors, paid $9.9 million for penthouse F at Monad Terrace, a bayfront luxury condo development at 1300 Monad Terrace, according to property records.
Prime Acquisition 1 LLC, a Delaware company, flipped the unit. The seller paid $7.6 million for the condo in July, records show, marking a 30 percent increase in six months.
The three-bedroom, 2,807-square-foot penthouse traded for $3,527 per foot in the latest sale, marking a record for Monad Terrace, according to a spokesperson for the project. The unit has 4,383 square feet of outdoor space that includes a rooftop with a pool, sun deck, hot tub, summer kitchen and bar, and elevator.
Dina Goldentayer with Douglas Elliman represented the seller, while Jaime Blatt with One Sotheby’s International Realty represented the buyer.
The unit, with marble slabs, wood accents, and glass walls, has a Gaggenau kitchen, as well as baths.
Stern’s JDS completed Monad Terrace, a 59-unit building, in 2020. It was designed by Ateliers Jean Nouvel with Miami architect Kobi Karp. The Stern-led entity faced litigation in connection with the project, including a since-dismissed lawsuit from Nouvel over alleged non-payment. More recently, minority investors in the project filed a summons against the developer’s LLCs seeking $10 million.
Stern, a Miami Beach resident, has been active in South Florida. JDS Development Group and Major Food Group are partnering to build Major, a 259-unit tower at 888 Brickell Avenue. The 1 million-square-foot project will mark the first time the New York-based restaurant and hospitality group expands into residential real estate.