The last available penthouse at Terra and GFO Investment’s Five Park in Miami Beach sold for $18.5 million.
Terra, led by David Martin, and Russell Galbut’s GFO were represented by Chris Wands, Angelica Garcia and Luiza Chimancio of Douglas Elliman. Matt Lill of the Corcoran Group brought the buyer, according to a news release. The deed has yet to appear in public records, and the buyer is unknown.
The deal equates to $3,053 per square foot.
The price falls short of the $21 million the unit listed for in July, but is in line with the $17.5 million paid by waste mogul Patrick Dovigi and the $19.5 million by Citadel biotech fund manager Daniel Krizek for penthouses in the project last year.
Hedge funder Jay Newman paid $17.3 million for his Five Park penthouse in 2024, shortly after the 48-story, 227-unit development was completed.
Newman is now suing the developers for failing to deliver promised guest suites.
While Five Park does not have guest suites for its owners to use, the tower has 50,000 square feet of amenities, including two pools, a restaurant, a gym, spa facilities, co-working space and a private members’ club.
The final penthouse sale comes amid a strong season for Miami’s luxury market, with heightened demand spurring a flurry of penthouse deals, particularly at new developments.
Hedgefunder Paul Wick and his wife, Karin Wick, dropped $20.1 million on a penthouse at Ugo Colombo’s recently completed Vita at Grove Isle in Coconut Grove in January.
Earlier this month, David and Victoria Beckham sold their penthouse at the Zaha Hadid-designed One Thousand Museum for $24.6 million.
Ultra-luxury buyers have propelled a booming market for penthouses, with prices reaching new heights. A penthouse at the under-construction Shore Club in Miami Beach is under contract for $120 million, which would set a price record for condos in Miami-Dade County if it closes at that price.
Nadim Ashi’s Fort Partners November sale of a penthouse at its Seaway at the Surf Club for $86 million was the most-expensive penthouse sale in Miami-Dade County.
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