Crypto pioneer buys Eighty Seven Park condo in Miami Beach for $6M
Price breaks down to $2,742 psf
South Florida notched another win in its quest to become the country’s premier tech hub with a recent Miami Beach condo purchase.
Property records show the buyer as Marc K. Bhargava, co-founder of New York City-based Tagomi, a digital asset brokerage that was acquired by Coinbase in 2020. He paid $6.2 million for unit 601 at Eighty Seven Park, an oceanfront condo tower at 8701 Collins Avenue.
Bhargava works for Coinbase as a business strategist, according to his LinkedIn profile. The company maintains an office in San Francisco, but bills itself as remote.
He bought the condo from a Canadian entity, 8701 Collins LP, which paid $6 million for the unit in 2019. Records show the selling entity has a registered address in Montreal, Québec.
Jackson Keddell with Douglas Elliman represented Bhargava. Michael Martirena with Compass had the listing, according to Realtor.com. It was listed for $6.5 million in September.
The 2,233-square-foot condo comes with three bedrooms, three full bathrooms and one-half bathroom, according to Realtor.com. The price breaks down to $2,742 per square foot.
Miami Mayor Francis Suarez has pushed for Miami to be tech friendly and has lured tech firms and techies. He took the first paycheck of his new term as mayor in Bitcoin, according to published reports.
Amid the continuing trend of remote work, Florida’s lack of state income tax and warm weather have led to an influx of wealthy buyers to Miami Beach and the surrounding area.
In December, Ivan Soto-Wright, co-founder and CEO of MoonPay, a company that lets people buy and sell cryptocurrency with fiat money, paid $39 million for a waterfront estate on Miami Beach’s North Bay Road. It was once owned by retired Miami Heat star Chris Bosh.
The latest purchase comes less than two weeks after survivors and families of the victims of the deadly Surfside condo collapse amended their lawsuit, adding Eighty Seven Park’s condo association as a defendant. The complaint alleges that the former president of the condo association knew or had reason to know about damage the construction of Eighty Seven Park was causing Champlain Towers South. It collapsed in June, killing 98 people.
In May, Condé Nast International’s chairman, Jonathan Newhouse, sold his condo for $6.2 million to a Delaware corporation led by the CEO of a Cambridge, Massachusetts-based biotechnology company.