Penthouse unit at Arte breaks records with $33 million sale
January 11, 2021 - Miami
A penthouse atop a new boutique luxury condo building in Miami has sold for $33 million in cash, representing a major sale for the city’s lagging condo market.
The penthouse apartment spans the top three floors of a building called Arte, designed by Italian architect Antonio Citterio.
The building is shaped like a pyramid, with setbacks leading up to a narrow top and large terrazzo terraces. Alex Sapir, one of the developers, described the style as "Italian zen."
The unit is about 7,700 square feet with five bedrooms. It comes with a private 23-foot rooftop pool with a shiny wraparound quartzite pergola that reflects the waves from the ocean across the street.
The property sold for about $4,300 a square foot; Mr. Sapir said he believes that is higher than any other penthouse sale has been recorded in Miami’s Surfside area, though that could not be independently confirmed.
The building, co-developed by the Sapir Organization and developer Giovanni Fasciano, was ready for occupancy in the spring of this year.
It has resort-style amenities including indoor and outdoor pools, a meditation pond, a fitness center and a tennis court that overlooks the ocean.
Douglas Elliman Development Marketing is leading sales at the building.
The Wall Street Journal first reported the deal.
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