An exceptional new residential tower, Faena District Miami Beach – Faena House, has set a new record in Miami with its $60 million penthouse closing. The residences, which are now 50 percent closed, are the first offering of its kind in Miami, presenting the unique combination of world class architecture, intimate size, beachfront location and exclusive amenities, including access to the amenities at Faena Hotel Miami Beach which is located adjacent on the beach, and will open in November 2015. Faena House, which sold out before the building topped off, offered 47 oceanfront residences, with combinations is now at 42 unique residences. Closings began earlier this month with an average price of over $3,500 per square foot.
The Penthouse, which closed on September 21st for $60 million (at 12,516 interior square feet and 9,900 exterior square feet, translating to $4,794 psf), breaks both Miami’s previous $47 million record for a single-family home (closed 8/2012) as well as that for a condominium at $27,500,000 and $3,342 (Continuum closed 12/2014). The Penthouse closing also breaks the record for the Edition Penthouse combination sold for $34 million ($3,454 pdf) which closed December of last year. The top non-Penthouse closed sale at Faena House to date is 9-A (offering 4,730 interior square feet and 1,515 exterior square feet), which sold for $16,500,000 or $3,488 per square foot.
The Penthouse units in Faena House are closing at over $4,000 per square foot.
Alan Faena changed the face of Buenos Aires 10 years ago when he transformed an abandon pier in the city into a thriving neighborhood commanding the highest real estate values in the city. The Puerto Madero neighborhood was derelict and abandon when Faena fell in love with two historic buildings which served as mills. Always an ambitious entrepreneur and dreamer, he imagined Puerto Madero to be vital to the city of Buenos Aires and realized that vision with a hotel designed by Philippe Starck, Arts Center and Residential buildings, including the first Foster + Partners building in South America. Now, Alan and his business and creative partner Len Blavatnik are preparing to debut the highly-anticipated Faena District in Miami Beach, a new neighborhood in the heart of Miami Beach with art and culture at its core.