Sapir Corp. sells two condos at Arte in Surfside for $23M

Sales break down to $3,600 psf and $4,000 psf

Miami /
Feb.February 08, 2022 03:30 PM

Alex Sapir, president and chief executive officer, The Sapir Corporation, in front of Arte Surfside (The Sapir Corporation, iStock)

UPDATED, Feb. 8, 8:21 p.m.: The Sapir Corp. sold two condos at Arte Surfside for $23.4 million, leaving one developer unit left for sale at the boutique oceanfront condo building.

The developer recently sold unit 701 to Arte36 LLC, a Delaware entity, for $12.2 million, or about $3,900 per square foot. It also sold unit 802 to Joseph H. Menzin for $11.2 million, or close to $3,600 per square foot.

Alex Sapir’s Sapir Corp. and Giovanni Fasciano developed the 12-story, 16-unit building at 8955 Collins Avenue in Surfside, where Jared Kushner and Ivanka Trump rented a unit last year. The building was designed by Italian architect Antonio Citterio.

(Courtesy of The Sapir Corporation)

Miltiadis Kastanis with Douglas Elliman represented the developer in the two recent sales. Both have three bedrooms, three full bathrooms and one-half bathroom.

Ohad Fisherman of Societe Real Estate represented the buyer of unit 701. Fisherman, who declined to identify his client, said the buyer is one of his clients from New York who was looking for privacy.

The 3,135-square-foot unit hit the market last year for $10.5 million, and the developer raised the price to $11.9 million, according to the listing. It sparked a bidding war with three potential buyers, and ultimately sold above the asking price, according to Fisherman and Societe Real Estate founder Sarah Williams.

In the second deal, Menzin acquired a 3,126-square-foot unit via a trust in his name. Ryan Mendell with Maxwell E Realty Inc. represented the buyer.

Condo sales have grown dramatically in recent months throughout South Florida, and Arte has reaped the benefits. One developer-owned unit remains, unit 201, which is asking $20 million.

In May, Emilio Bassini, co-founder of New York hedge fund Bassini & Co., paid $13 million for an oceanfront unit at Arte.

In late 2020, the developer sold the penthouse to a private equity executive who paid $33 million in cash for the 7,681-square-foot triplex condo, which breaks down to about $4,300 per square foot.

Other buyers include Bella Sapir, Alex Sapir’s mother, who paid $11.2 million for unit 302, and his sister, Ruth Sapir-Barinstein, who closed on unit 301 for $10.9 million. In early 2020, one of Sapir’s business partners, Gerard Guez, bought unit 601 for $11.5 million, receiving a 5.6 percent discount off the asking price.




    Correction: An earlier version listed the incorrect price per foot for the sales. 


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