FIRST ON PROFILE: Pinecrest Mansion Sells For Record $11.2 Million Complete With NFT Mansion In The Metaverse

Meta Residence, a new construction home in Pinecrest which launched in August 2022 as the world’s first-ever "MetaReal" Mansion, a real world new construction home being built in Miami with a digital twin in the Metaverse, has just sold in an all-cash transaction for $11.2 million. The sale marks it as the highest sale overall and highest price per square foot in Pinecrest at $1,335 PPSF. Michael Martinez and Kiki Rutten with ONE Sotheby’s International Realty represented the seller, while Martinez repped the undisclosed buyer.

Meta Residence is a collaboration between ONE Sotheby’s International Realty, Voxel Architects and general contractor and NFT collector Gabe Sierra of Sierra Development to develop the first real-world mansion being constructed in Miami with a virtual counterpart coming to life inside of The Sandbox metaverse. The purchaser receives both the NFT of the asset and the physical home.

Located on a 1+ acre within one of Miami’s most sought-after neighborhoods, the 11,000 square-foot newly built tropical estate features 7 bedrooms and 9 bathrooms. The home also a separate guest house with its own entrance and garage and a chef's dream kitchen with state-of-the-art appliances, accompanied by a wine cellar and a wet bar. The luxe master suite features a sitting room and a spa-like bath with a soothing soaking tub. The residence also offers panoramic outdoor views, highlighted by a resort-style pool, an inviting infinity spa, a covered terrace, a summer kitchen, and a sprawling yard. The virtual version is a mirror image of the property.

Images via 1OakStudios / ONE Sotheby's International Realty

Check Out This Hibiscus Island Home Which Just Sold For Non-Waterfront Record $5.1 Million

185 S Hibiscus Drive has sold for $5.1 million, setting a record ppsft for a non-waterfront home in the ritzy guard-gated neighborhood of Hibiscus Island. Per public record, the buyer is Brad Pitt's manager Cynthia Pett-Dante. Dina Goldentayer and Joseph Schafer with Douglas Elliman represented the seller and Jordan Karp of Jordan Karp LLC represented the buyer.

The completely renovated modern home is nestled in the tropical and highly coveted Hibiscus Island. Situated on a 9,500 SF corner lot, the open floorplan home with features multiple sitting areas and gorgeous millwork as well as custom build-ins throughout. A sleek kitchen by Italkraft with an oversized chef's island, European cabinetry, & marble counters by Opustone offer an elevated dining experience. The primary suite is appointed with 2 walk-in closets, steam shower + soaking tub, and its own terrace.

The lush outdoors features a new heated saltwater swimming pool, sundeck, and privacy landscaping. Hibiscus Island is a 24/7 guard gated community with tennis and basketball courts, playground and is in proximity to South of 5th & Downtown Miami.

Images via Become Legendary / Dina Goldentayer

Alex Karakhanian Sells MiMo Commercial Building On Biscayne Blvd For $6 Million

Alex Karakhanian of LNDMRK Development has sold a trophy commercial building in Miami’s MiMo District fronting Biscayne Blvd for $6 Million. The adaptive-reuse property was sold completely vacant and without any TDRs or TDDs, which are in contract to be sold to a developer. The building, which is located at 6654 Biscayne Blvd, spans 10,500 SF on a 19,200 SF lot which is zoned T5-O/T5-L - T5-O: 13,200 SF +/- T5-L: 6,000 SF +/-. The transaction was brokered by Lyle Chariff and Mauricio Zapata of Chariff Realty Group.

Karakhanian, who owns several other properties in the area and has sold others, has long been invested in the growth of the MiMo neighborhood. He initially purchased 6654 Biscayne Blvd, which was previously the Center for Independent Living of South Florida, for $4.6 million in 2016 before renovating the property into office / retail.

Image via Chariff Realty Group

Music Mogul Rick Ross Closes On 37 Star Island For $35 Million

Music mogul and rap superstar Rick Ross has officially closed on 37 Star Island Drive for $35 million. Ross says the purchase was "a major piece to the puzzle" in building his already robust real estate portfolio. 37 Star Island Drive is a 12,374 square foot, 6 bedroom home situated on a manicured 40,000-square foot lot with 100-feet of waterfront on Miami Beach’s exclusive and ritzy Star Island.

Jill Eber, Jill Hertzberg, Felise Eber, and Fabio Lopes of The Jills Zeder Group represented the seller, Yale R. Brown, the president of IMS Ventures and the managing partner of Columbus Ventures. Kimberly Knausz with ONE Sotheby's International Realty and Ross’ sister Tawanda Roberts, a real estate agent with Florida Realty of Miami, represented the buyer, Rick Ross, a rapper and record executive.

“He instantly fell in love with the grand entry, it has a very long driveway stretching towards the mansion that creates an air of real luxury. The architecture also played a part as it’s far beyond the ordinary modern home and he plans to enhance it to reflect his personal style,” said Knausz.

The gated Star Island has long been one of the most desirable neighborhoods in Miami, just across the MacArthur Causeway from the entrance to Fisher Island and Miami Beach’s South of Fifth neighborhood. Star Island is a man-made island in the middle of Biscayne Bay and located in the city of Miami Beach. The island was built by the Army Corps of Engineers in 1922 as part of a dredging project and was developed by Carl Fisher into an island for the rich and famous. The island is now home to celebrities and billionaires such as Gloria and Emilio Estefan, Philip Frost, Sean ‘Diddy’ Combs, Alex Rodriguez, Stuart Miller and Vladislav Doronin.

In March 2023 PROFILEmiami reported that Star Island had emerged as the leader among the most expensive neighborhoods in the United States, leading Port Royal in Naples, FL and Beverly Hill’s Beverly Hills Gateway and Trousdale Estates, according to sales data from Zillow Group Inc. The average home sale on the ritzy island in 2022 traded for $40.2 million, up $16.7 million and 71% from 2019 when the average home sale on the island was $23.5 million.

Over the past several years hedge fund heavyweight Ken Griffin, founder Citadel, has purchased an assemblage of five properties on the island for a combined $170 million. In 2018 Lennar Executive Chairman Stuart Miller acquired Thomas Kramer's former 4 and 5 Star Island Drive for $33 million and also developed an ultra-luxury spec home at 22 Star Island with Todd Michael Glaser which was designed by DOMO Design and sold for $49.5 million in an off-market deal overseen by David Solomon and David Miller in 2020.

37 Star Island Drive features a 12,374 square foot residence is situated on a manicured 40,000 square foot lot, featuring 100 feet of water frontage facing Biscayne Bay and offers direct bay and ocean access. The home spans six bedrooms plus an office space, eight full bathrooms and one-half bathroom. Elegant design and linear architectural details are featured throughout the home, plus custom millwork and use of rich woods, octagon-shaped ceiling accents with custom lighting, and oversized “Plaza Deck” terraces.

This impressive entry foyer greets with soaring 30-foot ceilings with a rotunda ceiling accent, while surrounding glass walls encase the foyer appearing to bring the outside water feature into the home. A custom hand-crafted winding mahogany-travertine staircase leads to a second-floor landing and seating area that overlooks the living room below and provides direct views to the pool and bay.

The oversized formal living room also features 30-foot ceilings, floor-to-ceiling windows streaming natural light, a custom-built fireplace with mahogany and burled wood accents, and direct access to a covered terrace with views to the pool and bay.

The chef’s kitchen offers granite countertops, a cooking and prep center island, top-of-the-line appliances and a large food pantry. A large butler’s pantry, a separate breakfast room and a spacious private dining room are adjacent to the kitchen.

Also on the first floor is an expansive entertainment/media room, an office den with rich mahogany paneled walls and beautiful custom detailed millwork, staff quarters with full bathroom, and full laundry room. There is three-phase power and a back stairwell/elevator shaft provisioned to add an interior elevator.

The spacious, first-floor principal suite features floor-to-ceiling windows with direct bay views and access to the pool deck, remote controlled black out/hurricane shutters, midnight wet bar, and spacious dual walk-in closets with custom built-ins. The gentlemen’s bathroom features travertine marble floors, a mahogany wood vanity and a large shared walk-in rain shower with steam that can be accessed from either side; the ladies’ bathroom boasts large slab marble floors, a bird’s eye maple vanity and mirror with inset lighting, mirrored ceiling and a Jacuzzi sunken spa tub.

On the second floor are four spacious guest suites, each featuring a full en-suite bathroom, high ceilings, walk-in closets and oversized “Plaza Deck” terraces. Two are east-facing and overlook the pool deck with direct views to the bay and South Beach; two are west-facing and overlook the front of the home and Downtown Miami.

Outdoor highlights include a large, covered terrace with al fresco dining tables leading to the pool; large heated pool featuring an automated pool cleaning system; covered summer kitchen/bar with TV, sink, BBQ; fountain, and Jacuzzi, surrounded by lush palms, tropical flowers, plants, and a Japanese Zen garden. A full cabana bathroom is located next to the pool. A private 40-foot dock with an electric and water pedestal can accommodate a large vessel.

Images via The Jills Zeder Group /1 Oak Studios

Terra and Lion Development Group Acquire Midtown Development Site For $40 Million

A joint venture between leading Miami-based developers Terra, led by David Martin, and Michael Simkins’ Lion Development Group, has closed on the $40 million purchase of a prime 1.6-acre piece of property located at 3501 NE 1st Avenue in Miami. Plans call for an iconic luxury condominium tower designed by Miami-based architect Arquitectonica and international design studio Yabu Pushelberg set to rise at the nexus of Miami’s most in-demand neighborhoods, including the Design District, Midtown, Wynwood and Miami Beach. The joint venture has secured $30 million in financing from Metropolitan Commercial Bank, which will provide for the acquisition of the property and fund initial site development in advance of the project’s groundbreaking in 2024. Completion is estimated for 2026.

“Terra has long been committed to promoting design excellence and connectivity, so the opportunity to develop a tower at the gateway to the Design District, which has come alive as one of South Florida’s most walkable neighborhoods, is appealing. This tower will cater to residents who want to live steps away from world-class shopping, dining, and arts and entertainment – and minutes away from Miami Beach,” said David Martin, CEO of Terra.

“Here at Metropolitan Commercial Bank, we lend to best-in-class sponsors who are battle and time-tested experts in their asset class. We help them create and sustain generational wealth by understanding exactly how they create value, and by structuring our transactions to maximize this value creation. Terra has been on the front lines of reinvigorating some of the city’s most desirable neighborhoods for more than a decade now. We saw a great opportunity to help the firm acquire the last remaining undeveloped parcel in the Midtown Miami PUD. We are proud to add David Martin and Terra to our Florida sponsor roster,” said Manuel Vidal, Florida Market Manager for Metropolitan Commercial Bank.

Terra’s portfolio of luxury developments across South Florida includes Five Park, a 48-story residential tower rising at the entrance to Miami Beach; the two-tower Mr. C Residences Coconut Grove, which is nearing completion later this year; THE WELL Bay Harbor Islands, a wellness-focused mixed-use property planned for Miami’s Bay Harbor Islands with 54 luxury residences and 80,000 square feet of class A office space; and Villa Miami, a 55-story waterfront tower planned for Miami’s Edgewater neighborhood with roughly 50 full-floor residences.

Lion Development Group is led by Michael Simkins, one of the visionaries behind the E11EVEN brand and one of the largest property owners in Miami. Michael Simkins is leading the redevelopment of several distinct neighborhoods in South Florida and is currently developing E11EVEN Hotel & Residences, E11EVEN Residences Beyond and West Eleventh Residences.

Related Group and LNDMRK Acquire Three-Parcel Site In Edgewater For $12 Million

The Miami-based Related Group, along with partner Alex Karakhanian at LNDMRK, have acquired 18,000 sq. ft. land parcel encompassing three adjoining sites in Miami’s Edgewater neighborhood. Located at 519, 525, and 535 NE 29th Street, the land overlooks Biscayne Bay and provides easy access to MacArthur Bridge, connecting Edgewater to Miami Beach, and to I-195, leading north to Fort Lauderdale and Palm Beach. Related and LNDMRK paid $12 million for the largely undeveloped site.

“Related identified the growth potential of Edgewater years ago, when we delivered the transformational, four-tower Paraiso Bay community along with Edgewater’s first five-star waterfront restaurant, Amara at Paraiso,” said Nick Perez, President of Related’s Condominium Division. “Edgewater offers it all- prime waterfront views, world-class culinary offerings, and easy access to other key hubs, from the Design District to Miami Beach. This newest acquisition is another step forward in our efforts to solidify the area as a true hot spot.”

“We’re thrilled to announce our acquisition of this premier property in Edgewater,” said Alex Karakhanian of LNDMRK Development. “We look forward to expanding our relationship with Related, who is also our partner on two other nearby projects, The Dorsey and NoMad Residences Wynwood.”

The seller, PPD Edgewater LLC was managed by Esteban Koffsman for the deal, and brokers Joel Rodriguez and Alex Suarez of Global Investment Realty brokered the transaction. LNDMRK Development is a principal based real estate company that primarily focuses on sourcing, acquiring, and developing commercial, residential, and mixed use projects throughout the Southeastern United States. Related and LNDMRK continue to pursue additional joint opportunities throughout South Florida.

Historic "Woodsong" Home In Coconut Grove Designed By Legendary Architect Alfred Browning Parker Sells For $4.2 Million

The famed “Woodsong” home at 3003 Seminole Street in Miami’s hot Coconut Grove neighborhood has sold for $4.2 million. Featuring a stunning tropical modern design, surrounded by lush vegetation and a fresh-water pond, this home is truly one-of-a-kind. The buyer Pamela Day, developer and founder of Crimson Holdings, now owns a one-of-a-kind home that was built, and lived-in, by one of Miami's most iconic architects, Alfred Browning Parker. Known for his environmentally sensitive designs, this tropical modern home is one of his few remaining masterpieces and is affectionately named "Woodsong" as it is engulfed in mahogany wood, both inside and out. Compass represented both sides of the deal with Karina Reyes represented the seller Hans Feringa and Monique Feringa and Megan Probst represented the buyer.

The uniquely designed “Woodsong” home is made up of three distinct "pods" which are connected by an exterior breezeway featuring a 90-foot lazy river runs throughout the property. The backyard contains a sauna and a swimmable, freshwater pond.

The 4-bedroom, 5-bathroom, 2,600 square foot house is clad with solid Honduran mahogany, a valuable, high quality, durable wood that is one of the only genuine mahogany species that is grown today. Several floor-to-ceiling hurricane-impact windows and skylights, the home allows for an abundance of natural light and views into the botanical landscape. The “Woodsong” home is located in Miami's hottest neighborhood, Coconut Grove, with walkability to parks, the bay, and restaurants/bars.

As an ardent art collector and owner of multiple real estate assets in South Florida, Day's immediate connection to Woodsong was profound, perceiving it as a true work of art. Despite her extensive experience as a developer spanning over two decades, Day has no intention of altering Woodsong. Instead, she envisions herself as a guardian of the property, committed to preserving the architectural significance and original vision of Alfred Browning Parker, the esteemed architect behind Woodsong. Day regards it as Parker's magnum opus and aims to showcase it as such, carrying forward his legacy.

Images via Compass

Robert Rivani's Black Lion Investment Group Acquires SLS Brickell Restaurant Space For $10 Million

Black Lion Investment Group, the Miami-based real estate and hospitality developer led by Robert Rivani, has added yet another trophy property with the acquisition of the trophy restaurant space at SLS Brickell for $10,000,000. The restaurant space is approximately 13,500 SF of indoor / outdoor space and was previously Bazaar Mar by Chef Jose Andres which closed in 2019. The sellers were members of the Qatar’s ruling royal Al Thanis family who acquired both the hotel and restaurant space for $43 million in 2014.

The deal was brokered by Fabio and Sebastian Faerman of FA Commercial, who represented Black Lion while Jordan Karp of Jordan Karp, LLC. and Andrew Dicky of JLL represented the seller in the transaction.

Black Lion intends on bringing yet another one of a kind concept to Brickell’s already spectacular restaurant scene with a proven track record of restaurants like Gekko at SLS LUX, Catch and Continuum, Philippe Chow, Amara at Paraiso, Delilah and Wynwood Jungle.

The 52-story SLS Brickell is an over-the-top, chic residence and hotel tower developed by Related Group located in the heart of Brickell, just a walking distance from Brickell City Centre. The tower hosts 453 contemporary residences and hotel suits with panoramic views of the Miami skyline and Biscayne Bay.

Newly Completed Fort Lauderdale Waterfront Spec Home Sells For Las Olas Isle Record $14.75 Million

South Florida’s residential real estate market is still on the rise and setting records. 6 Pelican Drive, a newly completed waterfront spec home in Fort Lauderdale, just sold for an all-time record-high sales price of $14,752,480 for a home on a canal in the Las Olas Isle Neighborhood. The contemporary home in Seven Isles offers 6 bedrooms and 5 bathrooms spread over 10,350 SF with a rare 120' of Intracoastal waterfront views. The transaction closed at roughly $1,425 PSF with Compass representing both sides of the deal with The Elmes Group representing the sellers and Jamie Boyle representing the buyers.

The ultra-modern home features floor-to-ceiling windows letting in natural bright light throughout the home, a spacious living area, a glass wine wall, a lounge and a gourmet chef's kitchen on the main level. A floating staircase leads to the second floor and with an expansive primary suite that includes an elegant showroom-style custom wardrobe room. The home also features an air-conditioned 4-car garage. The backyard oasis includes a 72' lap pool and a built-in summer kitchen as well as multiple seating areas with water views.

Images via Compass

PORT 32 Marinas Acquires Lighthouse Point Marina

PORT 32 Marinas, LLC (PORT 32) has acquired Lighthouse Point Marina, which is situated on the Intracoastal Waterway just minutes from the Hillsboro Inlet. Located at 2831 Marina Circle, Lighthouse Point, FL, the marina is one of the area’s most coveted destinations in the heart of the “Yachting Capital of the World.”

PORT 32 is a leading owner, operator, developer, and acquirer of a growing collection of irreplaceable marina assets in nine premier markets across both coasts of Florida. The purchase of Lighthouse Point represents the first marina acquisition by the new PORT 32 leadership team, which joined the company in late 2022. With the addition of Lighthouse Point, PORT 32 seeks to grow its family of marinas within Florida and to expand strategically into new markets along the Atlantic Coast and Gulf of Mexico.

“Lighthouse Point Marina is a special lifestyle property in an extraordinary location, tucked just inside the clear Atlantic waters of the Hillsboro Inlet. Here at PORT 32, we love cruising with friends and family, saltwater fishing, and ice-cold drinks on the waterfront, which makes Lighthouse Point a perfect fit for our growing portfolio of premier coastal marinas,” said Austin Schell, CEO of PORT 32 Marinas. “After almost 60 years of unbroken family ownership, we are thrilled the Spiekers chose PORT 32 Marinas to carry on their legacy as the first non-family owner of Lighthouse Point. To all our Lighthouse Point Marina members and the surrounding community, we look forward to introducing you to our leadership team and hope to meet you on the docks, at the Nauti Dawg restaurant, or on the saltwater sometime soon.”

CBRE’s Julie Fisher Berry and Sheila Roux represented the seller, Lighthouse Point Marina Inc., in the transaction. Led by Julie Fisher Berry, CBRE’s Marina and Shipyards brokerage team in South Florida has transacted over $1.5 billion in marina and shipyard sales.

Featuring 102 wet slips that can accommodate 25- to 80-foot vessels, the 4,410 total linear footage marina had been family owned and operated for over 50 years and had never been offered for acquisition previously. Located less than ½ nautical mile from the Hillsboro Inlet, Lighthouse Point Marina provides immediate access to the ocean, a significant feature for sportfishing enthusiasts. Amenities, such as the fuel dock, the live bait station, the popular Nauti Dawg restaurant, the ship store, and other features make this one of the most desirable marinas for boaters.

Featuring a beautiful waterfront location and stunning Intracoastal views, the 2,271-square-foot Nauti Dawg restaurant, a long-standing favorite among locals, is open six days a week (closed on Tuesdays) for breakfast, lunch, and dinner. Guests can enjoy weekly live entertainment and music and relax in a friendly and welcoming ambiance. With 90 seats in an indoor and outdoor setting, the restaurant also features six dedicated transient slips.

“Lighthouse Point Marina is one of the most coveted marinas in South Florida due to its location near the Hillsboro Inlet and the surrounding area of Lighthouse Point. The owners have built a loyal customer base by providing great service, operating an excellent restaurant, and keeping the marina in impeccable condition,” said Julie Fisher Berry, a senior vice president with CBRE in Fort Lauderdale. “CBRE is honored to have represented the owners and identified the buyer of this high-profile marina property. After a strategic offering process, PORT 32 Marinas emerged as the perfect buyer. CEO Austin Schell and his team have engaged with the owners and staff for a smooth transition that will continue the successful legacy that the Spieker family built.”

“Lighthouse Point Marina has been owned and operated by one family, the Spieker family, for over half a century. As second-generation owner-operators, it was important for us to find a buyer that will respect what we have created and retain our staff and family culture with the intention of maintaining and even improving the site with time. We believe we have found that buyer with PORT 32 Marinas. On behalf of owners, Debbie Edwards, Christian Spieker and myself, we feel the Lighthouse Point Marina and Nauti Dawg Marina Café are being left in good hands, and we look forward to watching both entities blossom under the new leadership of PORT 32 Marinas,” said Maureen Canada, former president of Lighthouse Point Marina.

Images via Smith Aerial