Developer aims to break price record with $68M Miami Beach penthouse

December 6, 2018   |   South Florida Business Journal

By Brian Bandell

A penthouse in the Eighty Seven Park condominium under construction in Miami Beach has been listed for $68 million – a price that would break the record for the highest condo sale in Miami-Dade County.

Located atop the 18-story building designed by Pritzker Prize-winning architect Renzo Piano, the penthouse would total 25,000 square feet, with 12,410 square feet on the interior and the rest outdoor terraces. It would have six bedrooms, eight bathrooms, three powder rooms, a personal fitness center, two private elevators, a home cinema, an outdoor theater, a putting green, two summer kitchens, a hammam, two 40-foot-long infinity pools, and a Jacuzzi.

The two-story penthouse was designed by RDAI.

“We looked to provide a serenely relaxed atmosphere,” RDAI Design Director Julia Capp said. “Its incredible location and views allow the light to gently infuse the interior and maintain contact with the exterior – which was an integral part of the design.”

The 66-unit Eighty Seven Park is under construction at 8701 Collins Ave., next to a city park on the north side of Miami Beach. The development team is a partnership of Miami-based Terra Group, Bizzi & Partners Development, Hong Kong-based Great Eagle Holdings, and New Valley LLC, a subsidiary of Miami-based Vector Group (NYSE: VGR). Stantec and West 8 are also part of the design team.

Terra said Eighty Seven Park is 80 percent presold. Douglas Elliman is the listing broker.

“Eighty Seven Park is a project that is truly singular for the South Florida market,” Douglas Elliman Chairman Howard M. Lorber said. “Its world-class architecture by Renzo Piano, direct oceanfront location, high-caliber interior design and luxury suite of amenities has proven to be appealing to buyers from across the United States and from around the globe.”

The current record holder in Miami-Dade is the penthouse at Faena House in Miami Beach, which was purchased in 2015 for $60 million by an LLC tied to billionaire hedge fund manager Kenneth Griffin.