VIP only: Related, partners begin sales of Fisher Island condo project

Douglas Elliman tapped to lead sales of 50-unit luxury development

Related Group and its partners hired Douglas Elliman to lead sales of Six Fisher Island, the final condo development on the mega-wealthy island in Miami Beach, The Real Deal has learned.

The 50-unit waterfront project is expected to be the priciest on a per-unit basis in South Florida, as well as on Fisher Island, which is one of the most expensive ZIP codes in the country.

Related previously said units would average $30 million and the penthouses would start at $60 million. Sources told TRD that asking prices were up to $5,000 per square foot.

The price-per-square-foot record in South Florida is nearly $6,000 per square foot for a unit at the Four Seasons Residences at the Surf Club in Surfside that Miami Heat President Pat Riley and his wife, Chris Riley, sold earlier this year.

Elliman’s Cyril Matz, Oliver Lloyd, Lourdes Alatriste and Nirka Burns Padilla are overseeing sales and marketing of the Fisher Island project, according to the brokerage. Sales are invitation-only.

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Jorge Pérez’s Related, billionaire Teddy Sagi, BH Group and Chicago-based Wanxiang America RE Group paid $122.6 million for the 6.5-acre site in September. Fisher Island developer Heinrich Von Hanau sold the property to Related and its partners.

The condos will range from three to eight bedrooms, and from 3,800 square feet to nearly 16,000 square feet. The building, designed by Kobi Karp Architecture & Interior Design with interiors by Tara Bernerd Partners, will have more than 55,000 square feet of amenities. If units are priced at $5,000 per square foot, that could mean prices start at $19 million. Related and Elliman did not respond to requests for comment.

Ritzy Fisher Island is only accessible by ferry, boat or helicopter. Von Hanau also recently sold a pair of single-family development lots on the island for $13 million. The remaining 10 home sites make up Von Hanau’s Links Estates single-family homes development. Von Hanau launched sales of the mansions in June, with an average price of $33 million.

Though Related is continuing to acquire properties and is moving forward with the Fisher Island project, the condo giant is exercising some caution. In October, it eliminated one tower from the St. Regis Residences, Miami, which it’s co-developing with Integra Investments, and it pulled out of a $500 million buyout of the Castle Beach Club condo property in Miami Beach with its partner, 13th Floor Investments.

And more sales launches are expected as developers plan to market their properties to wealthy buyers during Miami Art Week next week. Witkoff and Monroe Capital recently tapped Elliman to sell their planned Auberge-branded condos at the Shore Club in Miami Beach.