Inside EDITION

A unit-by-unit look at who’s buying what at Ian Schrager’s Miami Beach project

Developer Ian Schrager commissioned 25 ultra-luxury residences for the top floors of his Miami Beach EDITION project.

Developer Ian Schrager commissioned 25 ultra-luxury residences for the top floors of his Miami Beach EDITION project.

top the Miami Beach EDITION, opened late last year by Marriott International in partnership with Ian Schrager, sit 25 ultra-luxury residences that have attracted a diverse pool of deep-pocketed buyers ranging from a veterinarian-turned-Internet-entrepreneur to a Bollywood superstar.

The units were designed by renowned architect John Pawson, and are located on the top floors of the 294-room EDITION hotel — a 1950s landmarked building — as well as in an adjacent 18-story tower.

The residences and hotel have separate entryways, and the residences also sport an anonymous “celebrity” entrance. The units have from one to four bedrooms, and sale prices to date have ranged from $2 million to $17.5 million. According to the condominium declaration recorded with Miami-Dade county, there are 25 units in the building,
although the residences’ website is still
marketing 26. Douglas Elliman is the exclusive listing agent for the residences, located at 2901 Collins Avenue in Miami Beach.

The posh property has already endured one public legal drama since it launched sales two years ago. A prospective penthouse buyer sued Seville Acquisition, the developer of the EDITION Residences, in February for violations of the Florida Condominium Act.

According to the suit, the anonymous buyer, who had not yet closed on the $12 million penthouse in question, claimed there was a discrepancy between the advertised square footage and actual square footage. Rising Sun Ventures and Edition Penthouse Ventures — two Florida firms managed by attorney Paul Gleiberman — filed the suit on behalf of the buyer in U.S. District Court on Feb. 12.

“To say that this lawsuit is completely frivolous and disingenuous is to give it the benefit of the doubt,” Schrager said in a statement at the time. “It is an outrage. We intend to defend ourselves vigorously and to pursue whatever remedies are available to us to right this wrong.”

The EDITION made news again in February when Marriott International sold it for $230 million in cash to companies owned by the Abu Dhabi Investment Authority as part of a deal that included EDITION properties in London and New York. The same month, Schrager spoke about launching another EDITION in Broward County.

The Real Deal looked at who was buying units in the headline-grabbing development using information from sources and Miami-Dade County data. As of publication, there were 17 closed sales. Some individual owners were difficult to identify because they purchased their units under LLCs.

405

Unit 1405

Unit 1601 & 1602
Poonam Khubani
The Bollywood actress, producer and vice-president of infomercial giant Telebrands purchased unit 1601 for $17.5 million and unit 1602 for $16.5 million on Dec. 1. The Poonam Khubani Revocable Family Trust obtained two mortgages from Bank of America for $10 million each to partly finance her EDITION purchases.

Unit 1405
Penthouse 1405 LLC
Ian Schrager’s sister-in-law, Toni Schrager of Avatar Real Estate Services, represented the buyer in the $6 million purchase of unit 1405 in February. Penthouse 1405 LLC, a company tied to Fairholme Capital Management — led by Bruce Berkowitz — bought the 2,268-square-foot duplex, which has two bedrooms, two bathrooms, a half bathroom and a 1,400-square-foot terrace. 

Unit 1402

Unit 1402

Unit 1402
Stanley K. and Nathalie R. Doobin
He’s the owner, president and CEO of Manhattan-based Harvard Maintenance, a national property management company that produces more than $260 million in annual revenue. She’s the owner, president and CEO of Harvard Service Group, a building services contractor based in Iselin, New Jersey. The Doobins bought unit 1402 for $5.2 million on December 3 and took out a $2.6 million loan from Bofi Federal Bank to partly finance their 2,168-square-foot purchase , which has two bedrooms, two bathrooms and a half bath.

Unit 1206

Unit 1208

Unit 1208
Trust of Mark Gottwald
The trust of Richmond, Virginia-based Mark Gottwald paid $3.95 million in December for unit 1208, a 1,487-square-foot home with two bedrooms and two bathrooms. The Gottwald family, which has an estimated net worth of $309 million, owns a significant amount of stock in three publicly traded companies with Richmond connections, according to Virginia Business Magazine.

Unit 1206, Penthouse 1405 LLC

Unit 1206

Unit 1206
Jon Rappaport
A Miami Beach veterinarian who owns eight animal hospitals in South Florida and founded the website petplace.com, Rappaport paid $4 million for unit 1206, a two-bedroom, two-bathroom condo on Dec.11. Rappaport secured a $1.5 million loan from Wells Fargo Bank to partly finance his 1,635-square-foot purchase.

Unit 1409
William S. and Lauren B. Weisman
He’s a partner with Williams, Babbit & Weisman, a corporate collections agency based in Boca Raton. Weisman and his wife purchased unit 1409 for $3 million on November 13. The couple obtained a $1.9 million mortgage from Comerica Bank to partly finance the transaction for the two-bedroom, two-bathroom unit with 1,171 square feet.

UNIT 1408
Stephen Lynch
Lynch, who has an address in Moscow, paid $2 million for unit 1408 on Nov. 14. The 909-square-foot unit has one bedroom, one bathroom and one half bath.

UNIT 1407
Sobe EDITION Estates LLC

An entity listing Olga Tsinker of 9111 East Bay Harbour Drive in Bay Harbour Islands as its manager purchased unit 1407 for $14 million on Dec. 3.

UNIT 1406
SB Miami Properties
The entity, which lists Sandra Hoffen of 1001 Brickell Bay Drive in Miami as its manager on state corporate records, purchased unit 1406 for $6.6 million on Nov. 25. The 2,255-square-foot duplex has a 1,382-square-foot terrace, two bedrooms, two bathrooms and one half bathroom.

Unit 1403
Dominic Marzano
The co-owner of Pompano Beach-based waste management firm Atlas Recycling bought unit 1403 for $2.4 million on Nov. 25. Marzano’s one-bedroom unit has 1,100 square feet, one bathroom and one half bath.

Unit 1401
Garetown USA LLC
A Delaware Corporation listing an address in Geneva, Switzerland, paid $4.75 million for unit 1401 on Dec. 4. The 1,831-square-foot unit has two bedrooms, two bathrooms and one half bath.

Unit 1207
MMHKK Properties
The corporate entity, located in the Epic Hotel at 270 Biscayne Boulevard, bought unit 1207 for $2.2 million. MMHK bought the two-bedroom, two-bathroom unit with 1,125 square feet on Dec. 10. Florida corporate records list Anthony Kristoff as the manager of MMHK and Monica Kristoff and Maria Milagros Hernaez as members.

Unit 1205
Fondaco USA Corp.
Fondaco, an entity located at 150 Southeast Second Avenue in downtown Miami, paid $4 million for unit 1205 on Dec. 4. Florida corporate records list Oscar Marchetto of Oderzo, Italy, as a director of Fondaco. The 1,575-square-foot unit has two bedrooms, two bathrooms and one half bath.

Unit 1204
RPL 1204 LLC
Law firm Robert Allen Law is listed as the address for RPL 1204, which paid $3.89 million in February for unit 1204, a 1,623-square-foot condo with two bedrooms and two bathrooms.

Unit 1202 and 1501
Collins Condo Unit 1501 LLC and Collins Condo Unit 1202 LLC
Both entities purchased units 1501 and 1202 for $10.5 million and $8 million, respectively, on Oct. 22. The Collins Condo corporations list Kim Davenport, a psychiatrist from Annandale, Virginia, as its manager. Unit 1202 has two bedrooms, two baths, two half baths and 2,805 interior square feet. Unit 1501 has two bedrooms, two baths, one half bath and 1,846 square feet.


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