The penthouse in Brazilian billionaire José Isaac Peres’ 57 Ocean in Miami Beach sold for a record $37 million.
Property records show 57 Ocean 1701 Land Trust purchased PH-1 at 5775 Collins Avenue from PH1 Ocean LLC, an entity managed by José Isaac Peres. Peres is the founder and CEO of Multiplan Real Estate Asset Management, the developer of the 19-story, 69-unit oceanfront 57 Ocean. James Marx, a Miami-based attorney with Marx Rosenthal, signed as the trustee. The true buyer is unknown.
Edgardo Defortuna, CEO of Fortune International Realty, the exclusive brokerage for 57 Ocean, confirmed it is a domestic buyer, but declined to provide specifics.
The 7,456-square-foot, five-bedroom, four-bathroom condo has been in contract for more than a year and a half. Defortuna said the buyer wanted to make significant changes to the unit, driving the price up from its original $31 million asking price.
“What seemed like an extreme price wound up being a very good deal for the buyer,” Fortuna said, noting the historic price increases in the Miami area since last year.
The first-time sale of the penthouse closed at $4,962 per square foot. The unit covers the entire top floor of 57 Ocean, with both ocean and bay views. Designed by Miami-based Arquitectonica, 57 Ocean units average $6 million, according to Defortuna, making the penthouse sale six times the average unit price. The next highest sales were in the range of $13 million. The building was fully pre-sold before construction was completed last year, reaching $330 million in sales.
57 Ocean’s site drives its value, said Christopher Jude, a resident and Fortune International broker for the building. “It’s located in a part of the beach with no public parking.” Jude said. “This part of the beach is really pristine.”
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Miami waterfront sales have yet to plateau, despite nearly two years of unheard-of price surges and recent interest rate hikes.
Demand for waterfront property has driven flips of teardowns like developer Andres Isaias’ $25.5 million sale of a Sunset Island home earlier this month. Paulo Bacchi, the owner of Artefacto, also flipped a waterfront lot on Hibiscus Island in Miami Beach for $11 million.
Recently, Miami Beach has dominated Miami-Dade County’s top condo deals, taking the two highest spots in May with $15.5 million and $12.3 million sales.
Yet, strength in the condo market may not be enough to overcome the challenges of supply chain issues, rising costs and labor shortages in South Florida, as The Real Deal reported in March.