Steel magnate pays $15M for two units at GLASS

October 30, 2015   |   The Real Deal

Units are full-floor residences stacked on top of each other

The founder of a major steel corporation in Ohio is linked to the $15 million purchase of two condos at the newly built GLASS condo tower in Miami Beach.

Units 1100 and 1200 at the just-completed building were sold for $7.3 million and $7.9 million, respectively, to a company called Majestic Steel Properties on Monday, Miami-Dade property records show. The company is based in Ohio and shares an address with Majestic Steel U.S.A, a wholesale supplier of steel.

Ohio corporate records show that the company, first incorporated in 1991 for the express purpose of owning real estate, is headed by Majestic Steel founder Dennis Leebow.

The family-owned company was founded in the 1970s to capitalize on that decade’s steel shortages, according to a 2009 article from Crain’s Cleveland Business. It typically has a stock of more than 200 million pounds of steel products at any given time.

 In 2007, Dennis Leebow began to step back so that his sons Todd and Jonathan could take over. Todd Leebow is currently the company’s president, and Jonathan is the executive vice president.

 A Wall Street Journal article from 2005 said Dennis actually imported palm trees from Florida to his sprawling mansion in Ohio to give it a “Miami Beach air,” so maybe he wanted more of the real thing.

Todd Leebow and his bride Shelly Sheldon just married in Miami on Oct. 3, according to their wedding website. Among the guests: Lebron James, who posted on Instagram from the event.

Because GLASS is so new, property records don’t yet reflect the square footage of the condos, so the sizes of these two units are unavailable. Their unit numbers indicate that they’re stacked on top of each other, though.

A press release from Terra Group, the developer, said the 18-story building has sold all 10 of its full-floor residences, including a massive three-story penthouse that closed for $20 million earlier this week.