Planned Miami’s Ritz-Carlton Residences PH goes for $32M

Similar product in New York City would be $6,000 per square foot, developer says

Ritz-Carlton Residences in Miami Beach and Ophir Sternberg and George Mato
Ritz-Carlton Residences in Miami Beach and Ophir Sternberg and George Mato

From the South Florida site: A penthouse in the upcoming Ritz-Carlton Residences in Miami Beach was sold to a “bachelor from Europe” for a whopping $32 million, according to Lionheart Capital director of sales George Mato.

Mato described the buyer as a 45-year-old single man from Western Europe, but declined to divulge any more details.

Pricing at the condo conversion ranges from $2 million for a two-bedroom to $40 million for a 10,000-square-foot duplex skyhouse.

Most of the potential buyers are local homeowners who no longer want to pay to maintain a big house with a staff. The group is mostly from the northeast region of the U.S.– primarily New York City – and Europe. Mato said those interested in the units are looking for second, and sometimes even third, fourth or fifth homes, and are “elite, high power families.”

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Pricing for the units in the building, which will house 111 condos, is between $1,200 and $1,300 per square foot. Ophir Sternberg, the project’s developer, bought the property for $20 million about two years ago. “We took a risk,” Sternberg said. “Other developers passed.”

A similar product in New York City, Sternberg said, would easily be $6,000 per square foot.

Currently, the project is approaching a 50 percent occupancy rate, according to Mato.

The Ritz-Carlton Residences, Miami Beach – located by the Surprise Lake, rather than the ocean – will include a private iMax movie theater, reserved for its residents.

The South Beach condominium project is in its preconstruction phase. The project is expected to be completed by April 2016.