The CEO of the Miami real estate firm Ytech bought a condo on Fisher Island, The Real Deal has learned.
Yamal Yidios flipped his Brickell penthouse for $11 million, or 150 percent more than he paid last year. He spent $17.5 million to acquire a combined unit at Bayview at Fisher Island in Miami Beach, according to sources.
Portuguese-Brazilian entrepreneur Alberto Saraiva sold the 7,100-square-foot condo at 4832 and 4833 Fisher Island Drive to Yidios and his wife, Vanessa Moorefield-Yidios. The off-market deal closed on Wednesday, according to a spokesperson. Saraiva is the founder and owner of Habib’s, a Brazilian fast food company that focuses on Middle Eastern cuisine and Brazilian sandwiches.
Elena Bluntzer of One Sotheby’s International Realty represented the seller.
Saraiva’s AASCS paid $5.4 million for the combined Fisher Island unit in 2011. It has six bedrooms, six bathrooms, one half-bath, an office, library and theater, plus 5,000 square feet of terrace space.
Bayview at Fisher Island One was developed in 1990, property records show. Unit owners include Mexican billionaire Germán Larrea, CEO of Grupo México, who paid $21 million for three condos on the first floor of the building. Ritzy Fisher Island is accessible only by ferry, boat or helicopter.
Also on Wednesday, Yidios flipped his combined penthouse at the Four Seasons Residences at 1425 Brickell Avenue in MIami for $11 million to an undisclosed buyer, according to the MLS. It has one bedroom and one den.
Penthouse 4BCD traded for $1,897 per square foot, a record in Brickell. The 5,798-square-foot condo, made up of three units, beats the previous neighborhood price-per-square-foot record of just over $1,800 for a penthouse in the same building. It sold in January for $15.9 million.
Lourdes Alatriste of Douglas Elliman represented Yidios, who bought the unit a year ago at auction for about $4.4 million. Vivian Aponte Blane of the Keyes Company represented the buyer.
Yidios acquired the units via his Ytech Four Seasons PH LLC.
Brickell-based Ytech has developed more than 7,000 residential units in 25 cities in the Southeast, with a development pipeline of more than $1 billion of luxury condos, according to its website. In January 2021, Ytech purchased a Brickell development site for $12.2 million, where it plans to build an 80-story, 183-unit luxury tower.
Last year, Yidios and his wife sold their penthouse at Grovenor House in Coconut Grove for $7.7 million.
Residential sales have increased dramatically throughout the pandemic. After much of South Florida’s single-family home inventory was absorbed, condo sales and prices accelerated at a faster clip than before.
Last month, former professional hockey goalkeeper Patrick Dovigi paid $4,811 per square foot for a unit at Palazzo Della Luna on Fisher Island. That sale marked a record per square foot for Fisher Island, and the second most-expensive condo sale in Miami-Dade County on a per-square-foot basis.
It followed Kayak CEO Steve Hafner’s $40 million purchase of a penthouse in the same building late last year, which equated to $3,924 per foot.