Bollywood actress and producer Poonam Khubani will be one of the first owners to experience hotelier Ian Schrager’s vision for the uber-luxurious residences he built as part of the new Miami Beach EDITION hotel.
On Dec. 1, the Poonam Khubani Revocable Family Trust paid $17.5 million for unit 1601. Only 26 condos — designed by world-renowned architect John Pawson — sit on the top floors of the hotel.
The seller was Seville Acquisition, an affiliate of Marriott International. Marriott and Schrager joined forces to bring EDITION to South Beach.
The trust obtained a $10 million mortgage from Bank of America to close the deal.
The EDITION, which opened recently, is home to 294 hotel rooms in a landmarked building from the 1950s and an adjacent newly built 18-story tower at 2901 Collins Avenue. The residences and hotel have separate doors, with the condos also having an anonymous “celebrity” entrance.
The residences, unlike many of the new luxury condos popping up all across South Florida, were designed with art collectors in mind. The units have extensive wall and floor space for installation of personal art collections.
The design reflects the city’s growing arts culture. Miami Beach is currently hosting Art Basel, one of world’s leading art shows for modern and contemporary works. Art connoisseurs are pouring into Miami Beach to buy art works, and in some cases, to buy condos where they can keep their too-large-to-transport art installations.
Khubani isn’t new to Miami Beach. TRD recently reported that the family trust is putting its W South Beach double penthouse units on the market with a combined asking price of $19.9 million. Khubani, the vice president of infomercial and product patent firm Telebrands, is also giving buyers the option of purchasing unit 1928 separately for $17.9 million and unit 1926 for $2 million. The combined units at 2201 Collins Avenue totals 4,300 square feet and have a direct ocean view, according to the listing agency, Coldwell Banker Residential Real Estate.