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Terra’s David Martin sells Grove at Grand Bay penthouse for $18M
He was most recently asking $26M for the 9,500-square-foot condo
Developer David Martin sold his penthouse at Grove at Grand Bay for $17.8 million, seven years after completing the towers.
Records show Martin, CEO of Coconut Grove-based Terra, sold the 9,541-square-foot, five-bedroom condo at 2675 South Bayshore Drive via his GBPH Investments LLC.
A trust managed by James Zubok and Leon Medzhibovsky bought penthouse 1 in the south tower, records show. Zubok is a private equity investor and Medzhibovsky is a partner at DLA Piper, according to their LinkedIn profiles.
Miltiadis Kastanis and James Hait with Douglas Elliman were the listing agents. Compass broker Liz Hogan represented the buyer, according to Realtor.com. They declined to comment.
The unit traded for about $1,900 per square foot.
Martin’s Terra developed the Bjarke Ingels-designed project, a pair of 20-story twisty towers overlooking Biscayne Bay in Coconut Grove. The development was completed in 2016. Buyers have included billionaire Mike Fernandez, retired baseball player and real estate investor Alex Rodriguez, and Martin’s father, Pedro Martin.
David Martin’s penthouse had been listed on and off the market for years, at one point asking $28 million while the project was under construction. It returned to the market with Eloy Carmenate and Mick Duchon in 2018 for $25 million, and again in late 2019 with Carmenate, Duchon, John Gomes and Fredrik Eklund for $19.8 million. It was listed last summer for $26 million, according to the listing.
The unit, which is partially built out, features a rooftop pool, 12-foot ceilings, and floor-to-ceiling windows that wrap around the unit. It’s unclear how much Martin paid for the penthouse, but developers who purchase in their own buildings will typically get a notable discount on their units.
Martin is building a waterfront mansion in northern Coconut Grove, near the entrance to Brickell.
Since he completed Grove at Grand Bay, he’s built the three Park Grove towers in Coconut Grove with Jorge Pérez’s Related Group, and is building the Mr. C Residences condo towers nearby. His Grove Central, a mixed-use apartment project with retail next to a Metrorail station on the north side of U.S. 1 and 27th Avenue, is also under construction.
Terra also has a number of projects outside of Coconut Grove. A group led by the firm and Martin is in contract to buy Genting Group’s 15.5-acre site in downtown Miami for more than $1.2 billion. That deal, where Martin likely plans a massive mixed-use community, is expected to close later this year.