MIAMI—It's one of the, if not the, most expensive preconstruction units sold in the East Edgewater neighborhood. A penthouse at the 52-story ultra-luxury waterfront tower Biscayne Beach just sold for $8.6 million.
Located at 711 Northeast 29th Street, Biscayne Beach is over 20% of the nearly sold-out project's 399 units have sold for over $1 million. Kinga Konsorska of Cervera Real Estate represented the developer of Biscayne Beach in the sale, while Attila Yilriz of Keller Williams Miami Beach represented the buyer.
“To my knowledge, this is the largest preconstruction condo sold in East Edgewater,” says Biscayne Beach sales director Jerry Sanchez of Cervera Real Estate, the project's exclusive sales and marketing brokerage. “Miami is still a value compared to the rest of the world's top markets, and East Edgewater is rapidly emerging as a trendy urban location for young professionals and investors who see the long-term potential of the neighborhood.”
One of only three penthouses left for sale, the $8.6 million unit is two stories and spans 11,884 square feet. The residence includes six bedrooms, a study, and eight and a half bathrooms. Some of the most notable features include a 4,577-square-foot private rooftop terrace with a swimming pool and outdoor summer kitchen, a wine cellar, 12- to 14-foot ceilings, a master bedroom with a separate sitting area, terraces with direct water views, upper and lower living rooms, formal and informal dining rooms, and a sauna in the master bathroom.
A joint venture between South Florida-based real estate development firm Eastview Development and GTIS Partners, a global real estate investment firm headquartered in New York with approximately $3.1 billion in assets under management throughout the US and Brazil, is developing Biscayne Beach. Construction is currently underway, with completion slated for 2016.
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