News » Two-for-One: Miami Condos Sell for a Record $34 Million

Two-for-One: Miami Condos Sell for a Record $34 Million

March 7th, 2013


Miami condos sell for a record $34 million; a Miami penthouse lists for $50 million; two neighboring waterfront properties in Lake Tahoe sell for $25.85 million. Lauren Schuker Blum joins The News Hub. Photo: Alex Morris Visualisation Ltd and Gilbert McCarragher.

Two triplex penthouses being built in Miami Beach, Fla., are under contract to a buyer for $34 million. Taken together, the penthouses represent the largest condo sale ever in Florida, says William P.D. Pierce of Coldwell Banker Residential Real Estate, who represented the buyer in the transaction.

The penthouses are in the Residences at the Miami Beach Edition, a new project being developed by Ian Schrager that will have 26 units when it’s completed next April. The condos are on top of Mr. Schrager’s Miami Beach Edition hotel, which is replacing the old Seville Hotel and is under construction.

Together, the two penthouses have eight bedrooms and 11 bathrooms. The combined living area is 16,162 square feet, with about 9,843 square feet indoors. One penthouse has views of the ocean; the other has views of Biscayne Bay and downtown Miami. Each unit has a private elevator that opens onto a rooftop with a pool, an outdoor kitchen and glass-enclosed dining area.

Mr. Pierce, the buyer’s broker, declined to name the buyer beyond saying he was an American. Christopher Leavitt and Dennis Mangone of Douglas Elliman represented Mr. Schrager, the developer, in the transaction.

—Lauren Schuker Blum

A version of this article appeared March 8, 2013, on page M2 in the U.S. edition of The Wall Street Journal, with the headline: Two-for-One: Miami Condos Sell for a Record $34 Million.

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