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September 29, 2015 / Johanna Bassols / 0 Comments / Investing in Luxury Homes

$60 Million Penthouse Marks New Miami Record

There’s a new Miami real estate record-breaker and this time it’s for the priciest residential sale in the area. According to an article from The Real Deal, a penthouse in the luxurious Faena House has just been sold for $60 million, which toppled the previous holder of the title, the home at 3 Indian Creek Island Road, which sold in 2012 for $47 million. The property was first listed in 2013 and went into contract in April 2014. Public records listed STHA LLC, a Delaware company, as the buyer.

The current owner paid a whopping $4,794 per square foot for the eight-bedroom residence, which features 9,900 square feet of exterior space including a 70-foot long rooftop pool. This sale also broke the record for condominium sales, with the previous most expensive being the $27.5 million Continuum unit, and a combined Miami Beach Edition penthouse sale for $34 million, both of which closed last December. Other buyers in the recently completed Faena House include Goldman Sachs Group CEO Lloyd Blankfein, art dealer Larry Gagosian, Jose F. Fanjul Jr., of Fanjul Corp. (a U.S. sugar industry leader), and Mark Rachesky, the chairman of Lions Gate Entertainment.

Faena House is the first completed waterfront condo tower in a plan that includes three more. The ultra-luxury project is located from 3200 to 3500 Collins Avenue in Miami Beach. Approximately half of the 42 units available have currently closed. The 18-story tower was designed by Foster + Partners and features luxury amenities such as a gym, pools, spa, underground garage, and beach club. The next project underway will be the Faena Hotel Residence, formerly the Saxony Hotel, which will boast 13 penthouse residences. Earlier this year, developer Alan Faena announced plans for two condo towers in his Mid-Miami Beach complex. Faena Versailles Contemporary will feature 41 units and the Faena Versailles Classic will have just 22.

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