Miami’s $50 Million Penthouse Boom

by Rachel Mazanec


After the market crash that halted Miami developers building five years ago, the city that has become a destination for the wealthy with its luxury high rises, beach climate and attractions is experiencing a $50 million penthouse boom.

Currently the highest recorded condo sale for Miami at $34 Million, the triplex penthouse at The Residences at Miami Beach EDITION by Ian Schrager isn’t expected to hold that record for much longer. Nintey-four towers are currently under construction in the Magic City, with three featuring penthouses with price tags of $50 million or higher.

This change from the height of the housing downturn, when building in South Florida simply dried up, has turned Miami into the land of opportunity according to Jill Hertzberg, the other half of the power broker duo The Jills.

“We have buyers coming in from all over the world, whether it’s political unrest, or capital flight, or people coming from up north for income tax reasons,” Hertzberg told Forbes. “Miami Beach has become the land of opportunity.”

In the midst of a time filled with opportunity, below is a list of Miami penthouses currently listed or sold at top dollar:

Faena House Penthouse

  • List Price: $50 million
  • Developer: Alan Faena, Faena Group
  • Architect: Foster + Partners
  • Stats: 18,253 sq. ft.; $2,739 per sq. ft.

The 18,253 sq. ft. duplex penthouse listed for $50 million in Nov. 2013, went into contract in Apr. 2014, possibly for as much as $10 million over the list price.

Echo Brickell Penthouse

  • List Price: $40 million
  • Developer: Kevin Maloney, PMG; Michael Stern, JDS Development
  • Architect: Carlos Ott
  • Listing Agent: Craig Studnicky of ISG
  • Stats: 10,500 sq. ft.; $3,810 per sfsq. ft.

The 10,500 sq. ft. penthouse in Downtown Miami covers the tower’s full top (60th) floor, and recently raised the list price to $40 million from its original $37 million. The unit features a custom wine cellar, outdoor terrace, indoor pool, and elevator. Also thrown in for marketing purposes: a free Tesla Model S.

Continuum South Beach Penthouse 2

  • List Price: $50 million
  • Developer: Ian Bruce Eichner built the tower in 2002, and listed his personal penthouse January 2015.
  • Architect: Sieger Suarez Architectural Partners
  • Stats: 11,065 sq. ft.; $4,519 per sq. ft.

The unit is a 11,065 sq. ft., four floor, six bedroom, seven full-bath and two powder room penthouse, with an additional 6,092 sq. ft. of outdoor space. The penthouse features 10 private parking spaces, a 250 sq. ft. beachfront cabana loft and an 884 sq. ft. guest suite. The penthouse price tag includes a $5 million overhaul by Interiors by Steven G.

Ritz-Carlton Residences Miami Beach Penthouse

  • List Price: $40 million
  • Developer: Lionheart Capital
  • Architect: Piero Lissoni
  • Listing Agents: Premier Sales Group and ONE Sotheby’s International Realty
  • Stats: 12,000 sq. ft.; $3,333 per sq. ft.

Located at 4701 N Meridian Ave., on the site of the former Miami Heart Institute, the hospital-to-condo conversion offers units ranging from $2 million to $40 million. One of the penthouses reportedly sold for $32 million.

The Mansions at Acqualina

  • List Price: $50 million
  • Developer: Trump Group
  • Architect: CFE Architects
  • Listing Agents: Michael Goldstein, president of sales at Trump Group
  • Stats: penthouses were 8740 to 15,000 sq. ft.

Originally listed for $55 million for the 46th and 47th floors, someone bought just the 47th floor of the duplex penthouse at the Mansions at Acqualina in Sunny Isles, and the developer then repackaging the 45th and 46th floors into a new penthouse listed at $50 million, which has also sold. The unit offers over 2,000 sq. ft. of outdoor space as well as $5 million in furnishings from Fendi Casa. Amenities for the building include a hammam, virtual golf, a dog park, and a “trading center” complete with a Bloomberg terminal. The Acqualina Resort and Spa is right next door.

One Thousand Museum Penthouse

  • List Price: $49 million
  • Developer: Gregg Covin and Louis Birdman of One Thousand Museum Ltd.
  • Architect: Zaha Hadid Architects
  • Stats: 15,700 sq. ft.; $2,866 per sq. ft.

A duplex penthouse on the 58th and 59th floors contains 15,700 sq. ft. and offers 1,000 sq. ft. in terraces and comes with its own private pool. The condo features six bedrooms and six full-and two half-baths.

South Tower Penthouse at the Estates at Acqualina

  • List Price: $40 million
  • Developer: Trump Group
  • Listing Agents: Michael Goldstein, president of sales at Trump Group
  • Stats: 13,000 sq. ft.; $3,077 per sq. ft.

The penthouse at this Sunny Isles South Tower, one of two in this new ocean-front gated community, includes over 13,000 sq. ft. on two levels. The unit features a 60-foot pool with cantilevered edge made of glass. Separately, the Trump Group is marketing a two-story “single-family home” that encompasses 9,000 sq. ft. on the first and second stories of the tower.

The Bath Club Estates Penthouse

  • List Price: $50 million
  • Developer: Don Peebles, Peebles Corporation
  • Architect: Arquitectonica
  • Listing Agent: Chad Carroll and Chris Leavitt of Douglas Elliman Real Estate
  • Stats: 9,200 sq. ft.; $5,435 per sq. ft.

The Bath Club Estates listed its 9,200 sq. ft. triplex penthouse for $50 million in Aug. 2014. Separately, two separate ‘villas’ on the tower’s second and third floors are also being marketed together as a single complex for $44 million. All three units (penthouse and villas) come with their own private pools.

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