Arte Surfside Penthouse sold for $33 Million
Published by The Real Deal South Florida, December 15, 2020
Alex Sapir’s Sapir Corp. sold the Penthouse at its luxury Oceanfront Condo, Arte Surfside, in Surfside, Florida for $33 million, marking one of the most expensive Condo sales to close this year.
A private equity executive paid cash for the 7,681-square-foot triplex condo at Arte by Antonio Citterio at 8955 Collins Avenue, which is record-breaking in Surfside at about $4,300 per square foot, Sapir said, and it’s the highest price per Square Foot ever recorded in Surfside. The Wall Street Journal first reported the deal.
The 3-Story Penthouse has five bedrooms, five bathrooms, 2 Powder Rooms, 7,681 interior Square Feet, and 6,260 square feet of terrace space, including a private rooftop, and breathtaking 360-degree panoramic views of Miami Beach, the Atlantic Ocean, and Surfside’s Shoreline. The private Rooftop Lounge includes a 23-foot Swimming Pool, a wraparound Pergola in Botanic Green Quartzite, and a fully equipped Kitchenette. The Penthouse was sold furnished by Visionnaire Miami, a leading Italian design brand.
The closing adds to a seemingly endless stream of high-priced residential sales in South Florida in recent months, and marks another example of the spillover from the waterfront single-family home market.
Tara West of Douglas Elliman represented the developer, and Ryan Serhant of Serhant Group and Julian Cohen of Jills Zeder Group represented the buyer.
Sapir and his development partner, Giovanni Fasciano, declined to identify the buyer, but said the deal came together in the last three weeks. The $4,300 per-square-foot closing beats the previous Surfside record of $3,656 per foot, the developers said.
“The last three weeks have been really, really busy,” Fasciano said. Both said that interest in the 16-unit, 12-story building has increased during the pandemic, especially since Arte is a low density building.
“I think the market is at the point that if you don’t close quickly you can lose the transaction,” Sapir said, referring to the buyer frenzy. Billionaire hedge fund manager Ken Griffin recently sold his Faena House in Miami Beach for $35 million, likely the highest price paid for a condo in South Florida this year.
Arte Surfside is a luxury Boutique style Condo with a total of only 16 Residences and enjoys a prime Oceanfront location at 8955 Collins Avenue in the beautiful Town of Surfside, Florida, adjacent to Bal Harbour and only 2 Miles from Miami Beach. Residences at Arte Surfside occupy a full Floor or half Floor, with very spacious Floor plans, featuring floor-to-ceiling Impact Windows and Doors, Contemporary design, spacious Terraces, private Elevator entry, premium interior finishes, and beautiful direct Ocean views. Interested in viewing Residences? Contact me to schedule an Appointment.