Miami Real Estate Miami Homes Miami Condos Miami Beach
8 Apr 2013

Penthouse sells for a staggering $34 million

As more and more projects rise around the city, it is only a matter of time before one strikes premium gold. Ian Shrager, the main behind the iconic Studio 54, proves that his residence warrants the price tag.

Starting from the mid-1970s, Ian Schrager has been constantly reinventing the landscape of the country’s iconic city. From being the man behind the famous discotheque, Studio 54, to the boutique hotel craze in 1980s, his vision proves superbly upbeat even in these modern times.

The Residences at the Miami Beach Edition is still under development but the high-priced penthouse already fetched a staggering $34 million. Already, the building has sold half of its 26 units at $3,000 per square foot. With excellent interiors, superb ocean views and expansive floor layouts, The Residences proves to be one of the most sought-after real estate developments in the city.

The price is the product of a bidding war against a New Jersey family and a Wall Street financier. Eventually, the family won and will soon enjoy every living in the double-height ceiling and excellent waterfront views of their future residence.

The price is not surprising as everything else is custom-designed by Shrager and Pawson. The speed of the sales, however, is something of a astonishment. This might be due to the fact that Miami has becoming more and more first-class that attracts global citizens.

For Shrager, every detail matters. From the clean lines down to the sliding glass doors of The Residence, Shrager has made sure that future residents will experience and enjoy the unique and ever-changing lifestyle of Miami. Sharger promises an “elevated experience” that has been missing in the world of real estate in Miami.

Also gaining buzz is the beach pavilion sales office from Pawson and managed by Douglas Elliman Development Marketing. According to Mangone, who’s in charge of Edition, The Heat and Edition are two of the most exciting developments in Miami, fetching buyers from all across the world from India and Egypt to London and Russia.

Further, Mangone asserts that Shrager’s projects are as good as any uptown property in Fifth Avenue, the only difference lies in the design. Shrager has established himself as a design guru whose principle rests on an effective olio of indoor and outdoor experience, and this code not only produced exciting results but lucrative ones as well.

Selda Kirkan
phone: +1.954.3056424