Noah Assad, Bad Bunny’s record label owner, buys One Thousand Museum condo in Miami

Noah Assad, the 33-year-old owner of Bad Bunny’s record label, dropped $7.2 million on a One Thousand Museum condo in Miami.

Records show Assad bought unit 2401 at 1000 Biscayne Boulevard from Three Dolphins LLC, a Delaware entity managed by Terry and Katrina Garnett. 

Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty had the listing, and Orlando Barros of Florida Realty of Miami brought the buyer.

Assad is CEO of Rimas Entertainment, the Puerto Rico-based record label he founded in 2014. Rimas specializes in Latin trap and reggaeton music. Its artists include Arcángel, Corina Smith and Amennazy, but its breakout star by far is Bad Bunny. Bad Bunny was Spotify’s most-streamed artist for three years running, from 2020 to 2022, until he was bumped to second place by Taylor Swift last year. In 2022, Bad Bunny set the world record for highest grossing tour in a calendar year, bringing in $435.4 million with his World’s Greatest Tour, Hypebeast reported. Swift dethroned him once again with her billion-dollar Eras Tour.

Bad Bunny credits his rapid ascendence to Assad, saying, “There’s no big Bad Bunny superstar without Noah,” when presenting Assad with Billboard’s Executive of the Year award in 2023.

The Garnetts were an early Silicon Valley power couple. Katrina Garnett founded the software company CrossWorlds in 1996, in part with funding from her husband’s venture capital firm at the time, Venrock Associates. After scandalizing Silicon Valley with a magazine ad in a black cocktail dress in 1998, Katrina Garnett sold CrossWorlds to IBM in 2001 for $129 million, according to published reports. Today, Terry Garnett heads HeyScottie.com and Inxeption.com, and Katrina Garnett leads Garnett Ventures and sits on the board of councilors for USC’s Viterbi School of Engineering, LinkedIn shows.

The couple bought the One Thousand Museum unit for $5.5 million in 2019, records show. Completed that year, it spans 4,600 square feet, with four bedrooms and five bathrooms, according to property records. They listed it for $8 million in April, Redfin shows. Gonzalez said they had it rented to a tenant paying $45,000 a month in rent while it was on the market. 

The late Pritzker Prize-winning architect Zaha Hadid designed the 62-story, 84-unit One Thousand Museum. A group consisting of Louis Birdman, Gilberto Bomeny, Kevin Venger, Gregg Covin and Todd Michael Glaser developed it, and the tower’s amenities include a pool, gym, theater and spa facilities.

The tower has attracted celebrity owners like Victoria and David Beckham, Marc Anthony and David Grutman. In 2022, tech mogul Moisey Uretsky dropped $18.3 million on a penthouse in the building, but Gonzalez said the tower had gone through a yearlong sales dry spell before reggaeton artist Nicky Jam sold his unit for $7 million last month. Gonzalez said a few other units in the tower are likely going into contract soon.

“[Interest is] coming from people who were probably looking at these new construction [developments] and didn’t want to wait,” Gonzalez said of the new deals expected. He noted that Assad had also looked at new construction, but was familiar with One Thousand Museum through a friend. “They just didn’t want to wait.”