A four-bedroom apartment in The Apogee, a luxury condo building that boasts the most expensive condo listing in Miami, has sold to a Connecticut-based hedge funder for $13.5 million, Mansion Global has learned.
The apartment was listed for $14.5 million at the end of January and went into contract in mid-March, listing records show.
The buyer, according to source familiar with the deal, is Serena Liew, wife of John Liew, founder of Greenwich, Connecticut-based AQR Capital Management. A rep for Mr. Liew, who has an estimated net worth of $1.25 billion, didn’t immediately comment on the purchase.
There are several factors that contribute to the quick sale, one of them being the high influx of northeastern buyers in Miami market, according to listing agent Bo Mastykaz of Douglas Elliman.
"New Yorkers and Connecticut buyers are lured to [Miami] for pleasure and financial benefits," he said. "The northeast SALT taxes (state and local taxes) are influencing faster decisions to buy here in Miami."
Luxury condo markets in Florida, currently one of the seven states that don’t levy income taxes, have shown signs of improvement partly due to the Trump administration’s tax overhaul, according to a quarterly report by Douglas Elliman released in mid-April.
During the first three months, there were 72 luxury condo sales in Miami Beach and the Barrier Islands, almost unchanged from the same period last year. However, the market moved much faster. It took 138 days on average for a luxury apartment to find a buyer, compared to 207 days a year ago, according to Douglas Elliman, which defines the luxury segment as the top 10% of the overall market.
Here's an offer you can't refuse. Legendary Prohibition-era gangster Al Capone's Miami Beach estate has hit the market for almost $15 million https://t.co/0t3JSTsM0R pic.twitter.com/cCUQRlL21t
— Mansion Global (@MansionGlobal) April 19, 2018
The Apogee apartment has 4,154 square feet of interior living with views of the Atlantic Ocean, Intracoastal, downtown Miami city skyline and Art Deco South beach lights, as well as a 2,400-square-feet private balcony with summer kitchen, according to the listing.
The home features stainless steel appliances, wood finishes throughout, floor-to-ceiling windows, as well as porcelain tiles and marble covered bathrooms.
The 67-unit boutique condominium building offers privacy and an array of luxury amenities, Mr. Mastykaz said. The building’s penthouse is on the market for $65 million, making it the most expensive condo listing in Miami.
The sale closed this week, but has yet to appear in public records.
More:Miami’s Luxury Market Warmed up in February
The seller used a shell company, 1604 Apogee Corp., to purchase the home for over $6 million in 2008, property records show. Mr. Mastykaz declined to disclose the seller’s id entity.
Eloy Carmenate and Mick Duchon of Douglas Elliman represented the buyer. They declined to comment.