The four-story penthouse that tops the Porsche Design Tower in Miami with in-unit parking 600-feet in the air has sold for $25 million, the developer said on Friday.
The penthouse closed for $7.5 million less than developers wanted for the prized unit, originally priced at $32.5 million. Nevertheless, the sale is a boon for the new condo development in Sunny Isles Beach and the softening Miami-Dade County luxury market, which hasn’t recorded a single condo sale this expensive in over a year, according to property records.
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The novelty of the building, by Porsche Design Group and Dezer Development, are specially designed elevators that whisk residents in their cars up to their apartments, where parking is right next door. The penthouse offers an 11-car parking gallery visible like a work of art from some of the living spaces in the home.
"Anticipating that our residents view cars as a functional form of art like we do, we wanted to create the ultimate penthouse for collectors to display their particular form of art," developer Gil Dezer said in a statement. "This sale marks yet another major milestone for the Tower since celebrating its official opening less than two weeks ago."
There’s plenty to appreciate about the building even for those who aren’t crazy for cars. The deep-pocketed buyer of the building’s highest, and most expensive, unit will get nearly 20,000 square feet of living space from the 56th to the 60th floors. It comes with two private pools, plans for up to six bedrooms, a terrace, two balconies, a rooftop and two summer kitchens, according to the developers.
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There’s also an additional 2,800 square feet of blank canvas "flex space" to work with on the property’s third level.
Douglas Elliman Florida agent Dan Goodstadt was the buyer’s agent on the property. He said he was thrilled to be involved in a sale that "sets a new standard in the area."
The developers declined to identify the buyer.