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South Florida

Ian Schrager sells Edition Miami Beach penthouse

Studio 54 founder listed the unit for $7.5M in February

Ian Schrager Sells His Edition Miami Beach Penthouse

A photo illustration of Ian Schrager along with the Edition Miami Beach unit (Getty, Michal Bobrowski/Luxhunters Productions)

Hotelier and developer Ian Schrager sold his penthouse at the Edition Miami Beach. 

Schrager and his wife, Tania, listed the two-bedroom, two-and-a-half-bathroom unit for $7.5 million in February, and sold it last week for $7 million. Ashish Kumar, who lists a New York address, bought the 2,029-square-foot penthouse, property records show. Kumar goes by the name Michael Karp. He is CEO of Options Group, a global executive search and consulting company that has an office in Miami Beach.

Schrager partnered with Marriott International on the Edition brand. They developed the 24-unit condo and 294-key hotel at 2901 Collins Avenue on the site of the former Seville hotel. The Schragers paid $5.5 million for their penthouse in 2016, two years after the project was completed. 

The unit just sold for $3,450 per square foot, marking the second most expensive per-square-foot sale in the building. It’s also the most expensive resale on a per-square-foot basis in the building. Brown Harris Stevens Miami agent Toni Schrager, Ian Schrager’s sister-in-law, and her daughter, Lauren Schrager, were the listing agents. Raul Santidrian with Douglas Elliman represented the buyer.

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The penthouse includes a 1,000-square-foot rooftop terrace with an outdoor kitchen and Jacuzzi, according to the listing. 

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Schrager, who opened the famous Studio 54 nightclub with the late Steve Rubell in 1977, also launched Morgans Hotel Group in the early 1980s, eventually opening the Delano and Shore Club hotels in Miami Beach. The latter two properties are now being redeveloped by new owners. 

In 2015, Marriott International sold the hotel component of the Edition Miami Beach to the Abu Dhabi Investment Authority for $230 million, or more than $782,000 per room.

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Condo MarketCondosEditionIan SchragerMiami BeachMiami-Dade County