Shahab Karmely and Edgardo Defortuna’s joint venture presold a penthouse at their Faena-branded luxury condo development along the Miami River for $30 million, a record for the area on price as well as price per square foot.
Karmely’s KAR Properties has long planned to develop the waterfront site into the Rafael Viñoly-designed project. In 2022, Karmely brought on Defortuna’s Fortune International Group as a partner. Last year, they launched the Faena Residences.
A mystery buyer is under contract to buy a penthouse in the east tower that will span 8,200 square feet of interior space and also include 7,000 square feet of outdoor space, according to a developer’s representative. Fortune’s Jeffrey Abreu is representing the buyer.
The duplex unit will include a private rooftop with a pool, wellness space and entertainment areas, according to a press release.
The penthouse presale — which breaks down to nearly $3,700 per square foot — adds to a small but growing number of high-priced penthouse sales that have been executed before developers even start construction on their new projects.
At the Mandarin Residences, developer Swire Properties locked in two nearly $50 million contracts for penthouses months before groundbreaking and while the former Mandarin Hotel building was still standing. The two deals will likely set records for the city of Miami at about $6,300 per square foot once the project is completed in 2030.
More than two years ago, a hidden buyer secured a contract to buy a penthouse at Witkoff and Monroe Capital’s Auberge-branded Shore Club development in Miami Beach for more than $120 million, a deal that would set a price record for condos in Miami-Dade County once it closes.
Faena Residences Miami will consist of two towers that connect via a three-story sky bridge. The development will be anchored by the 45,000-square-foot Faena Rose community center.
The 440-unit project is planned for the site at 90 Southwest Third Street in Miami, where KAR Properties previously planned to develop One River Point.
The project will mark the second South Florida real estate development for Alan Faena, following the completion of the Faena District in Miami Beach, which includes the Faena House condo, Faena Hotel and Faena Forum. Billionaire Len Blavatnik’s Access Industries backed the development of the district.
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