Miami-Based Investors Including Alex Rodriguez Purchased a South Beach Hotel
Photo Credit: CGI Merchant Group
Alex Rodriguez with a Miami-based investor group recently purchased a South Beach hotel located directly on Ocean Drive. The investors, also known as CGI Merchant Group is an international management firm that focuses on real estate investments and private equity. The purchase was officially announced Wednesday.
The Celino South Beach, located at 640 Ocean Drive was originally built in 1937 and has been named the largest hotel complex on Ocean Drive. The deal itself was financed through CGI’s Hospitality Fund of $650 million. The purchase price is still unknown.
Going forward, all CGI hotel properties will hold the Hilton brand. The Celino South Beach comprises of 132 rooms which include 26 penthouse suites.
According to the CGI founder, “We are thrilled to be part of the Miami Beach family and to partake in the reinvention of Ocean Drive. We look forward to helping the area reach its full potential and sharing how it reflects our vision for the hospitality industry. ”
The Celino South Beach was renovated in 2019 is expected to reopen in the fall of 2021. Its sister property, The Gabriel Miami located at 1100 Biscayne Blvd has recently reopened.
CGI was originally founded in 2006 and has invested in multiple Miami mixed-use properties including 3480 Main Highway, 550 Biltmore Way, and 55 Miracle Mile.
Continuum South Beach Bulk Sale for $30 Million by Two Former Morgan Stanley Execs
In 2014, Karen Bechtel and her husband William McKinley Osborne III (former Morgan Stanley executives) purchased 3 total units at Continuum South Beach South Tower for $21 million. Records show that they purchased units 3602, 3603, and 3604 and combined it into one unit totaling 8,229 square feet on the 36th floor.
The full-floor condo was originally listed in March 2021 with an asking price of $36.5 million. The gorgeous combined units feature a total of 6 bedrooms, 5.1 bathrooms with a 2-story main suite. Two kitchens, a theater and 3,704 square feet of balconies make up the rest of the luxury apartment.
According to county records, the buyer was listed at MFTMA Holding LLC. The price per square foot totals $3,646, and is considered Miami Beach’s fourth most-expensive condo deal since 2005.
Continuum developer Ian Bruce Eichner also sold his penthouse in the building for $35 million in April 2021 that was originally listed for $48 million two year ago. Another sale for Continuum included CEO of a financial tech company purchased 2 combined units for $12.1 million.
Bechtel and Osborne were both Managing Directors at Morgan Stanley from 1980 to 1991. Bechtel is currently a senior adviser at Carlyle Group. During the pandemic, they established a non-profit organization called Meals for Heroes Miami that focused on partnering with local restaurants to provide food for health care workers and first responders. In April, the couple bought a mansion in Tahiti Beach for $28.9 million.
Continuum was built in two phases by developer by Bruce Eichner in 2002. Residents of Continuum South Beach enjoy arguably the best resort-style amenities.
BUILDING AMENITIES
Stunning landmark architecture
1,000 ft of direct beach front access
24-hour welcome desk with concierge
24-hour guest valet
Elegant resident club room
Luxury Health spa with sauna, steam room
Two lagoon-style pools
State-of-the-Art gym
Business Center
Lush and manicured landscape
3 Tennis Courts
Outdoor restaurant
Multi-story health club & spa
RESIDENCE AMENITIES
Ten foot high ceilings
Private balconies with glass railings
Floor to ceiling sliding glass doors
Imported marble countertops, backsplash, and whirlpool decks
Imported marble flooring in wet areas and shower
Designer fixtures
Whirlpool tubs
European bathroom vanity cabinets
Seamless glass shower doors
Custom European designed cabinetry
Granite Countertops
Under counter lighting
Faber “Inca Smart” integrated hood vent
Sub-zero built-in refrigerator-freezer
Miele touch-control cook top
Miele integrated dishwasher
Miele microwave oven
Single-lever faucet with pull out spray
If you or someone you know have interest in purchasing one of the units at Continuum South Beach, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.
Continuum South Beach Penthouse Sells for $35 Million After 6 Years on the Market
You may have heard that the Miami real estate market is hot and if you need any convincing, the Continuum South Beach penthouse that has been sitting on the market for 6 years has just sold!
Ian Bruce Eichner, the developer for Continuum South Beach has sold his penthouse in the tower for a cool $35 million. It was originally listed for $48 million in 2014. According to the Wall Street Journal, Eichner had been renting out the penthouse since December 2020 at $200,000 monthly on a short-term lease.
Located at 100 South Pointe Drive, Miami Beach; this one-of-a-kind 4-story penthouse boasts 11,031 square feet with 6 bedrooms, 7.5 bathrooms, a 6,000 square foot terrace, and a rooftop pool. Some of the more exclusive features of this penthouse is the cabana, guest unit, and 10 parking spaces.
Continuum South Beach is a 2 tower development. Tower one was finished in 2002 and tower 2 was completed in 2003 featuring all of the amenities that luxury towers could ask for. The development amenities include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.
The original asking price for this unit was $39.9 million. Eichner did not disclose who the buyer was for this deal.
With limited inventory and a high-demand for penthouses/condos with luxury amenities in Miami, it is no surprise that this gorgeous penthouse sold!
Monad Terrace Set to Top-off This Month
According to the development’s Instagram account, Monad Terrace is set to top-off later this month (approximately 15 months after officially breaking ground on October 25, 2017). The 14-story tower, designed by Jean Nouvel, will feature “sawtooth honeycomb screens” for full privacy without compromising views. The Instagram photo below gives a glimpse of the sawtooth profile:
Monad Terrace is located in South Beach at 1300 Monad Terrace. The 59-unit development is expected to be completed by the end of this year.
Michelin-Starred Restaurant Azabu Opens Friday in Miami Beach
Originally set to open October of 2017, Azabu Miami Beach will finally debut this Friday, January 19th inside the Mariott Stanton South Beach. The considerable postponement of the restaurant’s opening is attributed to Hurricane Irma, which rocked South Florida in early September. Azabu’s original concept was launched in New York by Japanese global hospitality group, Plan Do See, and according to the Miami New Times, the group’s continued desire to expand the brand led them to open its next location right here in South Beach’s South of Fifth neighborhood.
Headed up by the Tokyo-trained Chef Masatsugu “Masa” Kubo and mixologist Davide Borgia, Azabu will feature a hidden sushi counter, a formal dining room, and a cocktail bar featuring sake and whiskeys of both international and local brands. Many of the restaurant’s dishes will be cooked on a robata (a Japanese charcoal grill) and served in an izakaya dining style. This means guests will be able to order a variety of small, shareable plates served when ready, as opposed to all at once. The menu will include delicious plates like the miyazaki Wagyu tataki with a truffle ponzu and the king crab with crab miso, and tasty desserts such as the jelly-based Japanese raindrop cake.
For those seeking a more intimate setting, Azabu will have an 11-seat bar accessible only through the kitchen, where an omakase-style dining experience will include both local and imported seafood, regularly flown in from Japan.
Miami’s First Roof-to-Table, Plant-Based Restaurant
Vegans rejoice! Planta, an upscale plant-based restaurant hailing from Toronto, is set to debut its first U.S. location here in South Beach this winter. According to the Miami New Times, the restaurant will open in early 2018. David Grutman (best known as the owner of LIV, OTL in the Design District, and Komodo in Brickell) and Toronto-based co-owner Steven Salm will deliver this delicious sounding concept to the trendy South of Fifth neighborhood in Miami Beach, at 850 Commerce Street.
Planta will serve 100% plant-based dishes, offering guests a selection of freshly-picked produce grown right on the restaurant’s rooftop. While a set menu has not yet been confirmed, dishes may include the 18 Carrot Dog, Coconut Ceviche, Cauliflower Tots, and cold-pressed cocktails, to go along with music and a friendly vibe. Planta will be David Grutman’s third Miami eatery – and based on the successes of his other restaurant ventures, it will no doubt be a hit!
Jeremy Shockey Sells South Beach Penthouse for $2.4M
It looks like Jeremy Shockey has started 2018 on the right foot. According to property records, the former Miami Hurricane legend and two-time Super Bowl champ closed on his South Beach condo on January 2nd. The three-bedroom, three-bath penthouse at The Waverly at South Beach fetched $2.4M. It sold to Claudio Benedetti, the notable developer of Miami Beach’s Artecity Park.
Shockey purchased the 2,600-square foot property in July 2005 for $1.45M. After enjoying the bachelor pad for 10-some years, he listed it for sale in December 2015 for $3M. No buyer surfaced, so the penthouse was instead rented. In July 2017, the unit was relisted for sale once again but this time at the increased price of $3.25M. Just a month later, however, the price was reduced to $2.85M and, three and a half months later, went into contract with Benedetti.
After two years on the market, Shockey’s South Beach penthouse has finally found a suitor. While he may have settled for 20% off his original asking price, he still came up “in the black,” netting nearly $1M above his purchase price (although that doesn’t take into account what he may have paid in upgrades).
Art Basel Special: Top Miami Trophy Properties Day 2
Last week, we were invited for a tour of the Penthouse Collection at 1 Homes South Beach and WOW! The way that the residences and hotel have been redesigned by internationally renowned Brazilian interior designer, Debora Aguiar, it is as though you are living in nature in the most glamorous way.
Ms Aguiar used an abundance of plant life in the most creative ways, driftwood finishings to bring the feel of a beach house into the development and oversized windows and terraces to really celebrate the project’s oceanfront location. She also tied in all of the modern conveniences and elegant touches that you would expect in a South Beach trophy property. To be honest, after the tour, I could have filled the entire week-long series with trophy residences here, but let’s start with one.
For those who have not yet visited 1 Homes, it is located along Collins just between the W South Beach (where Zaha Hadid lived) and the Faena District. It is walking distance to the Bass Museum of Art as well as the Miami Beach Convention Center, which makes for another reason it should be included on this week’s list.
Penthouse 1610 is located on the southeast corner of the building, offering amazing sunrise views of the ocean and plenty of large windows for those who enjoy the afternoon breeze. It has 4 bedrooms, 5.5 baths and a den over two levels. There is 3,955 square feet of interior living space and 745 square feet of terraces overlooking the pool area and beach. The apartment is fully finished and furnished by Rose Ink Workshop, a local interior design company founded by Liubasha Rose, the famed former Vice President of Design at Starwood Capital Group. It is estimated that $150,000 was spent on furnishings in each room of this penthouse.
Owners enjoy all the privileges and conveniences of resort living at this LEED certified property while having access to four elevated oceanfront swimming pools, an onsite SoulCycle studio, a 18,000-square-foot spa and fitness center, priority seating at three exceptional restaurants and bars from award-winning chef Tom Colicchio, and a stylish rooftop pool and restaurant-bar with panoramic views of the Atlantic Ocean and Miami skyline.
The penthouse is available for purchase for $20 million including all of the services offered to members of 1 Homes. You are also welcome to use any of the other 1 Homes locations, which include Brooklyn and Central Park in New York as well as Cabo San Lucas in Mexico and will soon include West Hollywood, Haitang Bay China, and Silicon Valley.
Zaha Hadid’s Personal Beachfront Residence To Come Back To Market
After nearly a year on the market, Zaha Hadid’s customized home in South Beach’s W Hotel is going to be re-listed with an enormous price reduction. It had been listed after her sudden and untimely death in the Spring of 2016 for $10 million, but there were no takers.
It hasn’t officially been re-listed yet, but the Wall Street Journal has reported that it will be coming back on the market at $6.5 million, a 35% reduction from the original price. Neither price included the furnishings, but most pieces could be negotiated separately through her estate trustee. There are a few pieces of artwork/exceptionally unique pieces that the estate prefers to hold on to.
The Pritzker Prize-winning starchitect purchased two beachfront units at the W, which is located between The Setai and Faena House at 22nd Street on Miami Beach, in 2010 for $2,785,000. She then combined them and added her unmistakable personal touch.
While I imagine there will be a new set of photos unveiled any day now, let’s have a peek at the listing photos from last year..
Rumor Mill: SaltBae To Open A Second Steakhouse In Miami!
It looks like Miami Beach is about to get a lot saltier, in a good way. Just as Miamians are finally able to digest the fact that we really have a Nusret Steakhouse in Brickell, rumors are swirling that a second location is in the works!
According to whispers in the commercial/retail real estate world, the internet sensation chef has taken the retail space below South of Fifth’sOne Ocean building at 1 Collins Avenue, a newly opened development where condos range from $3.7 million to over $15 million. Given Nusret’s menu, this location would give direct competition to South Beach staple, Prime 112.
Since its opening a week ago, Nusret Miami has been packed non-stop and received rave reviews from all around. In addition to the Brickell and South Beach eateries, locations will be added in Manhattan and Los Angeles.
