Miami luxury home developer Shlomy Alexander just paid $5.5 million for a condo at the St. Regis Bal Harbour.
Alexander bought unit 1401 in the south tower at 9701 Collins Avenue in Bal Harbour from Ausdav Real Estate of Toronto, property records show. The price for the 3,524-square-foot condo equates to $1,560 per square foot.
Ausdav had paid $5.67 million in November for the three-bedroom, three-and-a-half-bathroom unit, meaning the property traded at a discount of about $170,000.
Alexander is the founder of the Alexander Group, a high-end spec home developer with projects in South Florida, the Hamptons, New York City and Aspen. In South Florida, his developments include 3 Indian Creek Island Road, which sold for $47 million in 2012; 252 Bal Bay Drive in Bal Harbour, which is on the market for $28 million; and 3541 Flamingo Drive in Miami Beach, which is now completed and held by trusts in the names of his children.
St. Regis Bal Harbour is a condo-hotel project across the street from Bal Harbour Shops. Qatari-based Al Rayyan Tourism Investment Company purchased the hotel portion of the project for $213 million in 2014. The 27-story luxury hotel includes 192 rooms and 24 condo-hotel units.
Other notable condo owners at the St. Regis include the wife of former American Express CEO Kenneth Chenault, as well as the CEO of Godiva Chocolatier Mohamed Elsarky and his wife, Irma, who paid $6.5 million for a unit in October 2017.