Article Courtesy of The Real Deal

The developer of a boutique luxury condo project in Miami Beach is adding units based on increased demand, a rarity during a condo market slowdown.

Multiplan Real Estate Management is adding 10 “sky residences” to 57 Ocean, now a 71-unit development planned for 5775 Collins Avenue, managing partner Marcelo Kingston said. That brings the number of sky residences to 18, up from 8.

Penthouse Living Room Wine Cooler (Credit: DBOX)

Kingston said the developer decided to reconfigure the building’s design after selling more than half of those units, which range from $6.95 million to $8.5 million. The “sky residences” have more than 5,000 square feet of indoor and outdoor space, four bedrooms, a family room, and 12-foot-deep terraces facing the city and the ocean. They’ll be located on the south and north corners on the upper floors of 57 Ocean.

Kingston said the project’s presales speak to the quality of the building in an oversaturated marketplace. Developers have largely held off on launching new condo projects in Miami’s high-end, coastal markets due to the slowdown in new development condo sales.

But Kingston said that he’s seeing an increase in buyers from New York. That could be due to an increase in “tax refugees” – a.k.a. ultra wealthy buyers who are flocking to states with no income tax like Florida due to changes in the tax code.

Gourmet Kitchen (Credit: DBOX)

Penthouses at 57 Ocean range from $15 million to $38 million. And a penthouse duplex, which can be customized by size, is also available.

Multiplan, led by Brazilian billionaire José Isaac Peres, launched sales of 57 Ocean with Fortune Development Sales in October and unveiled a multimillion-dollar sales center in January.

The beachfront property was previously home to the Marlborough House condo building, which unexpectedly collapsed at once during its planned demolition last year, killing a project manager. Earlier this year, the family of that project manager filed a wrongful lawsuit against the contractor and subcontractors, as well as the developer.

Article Courtesy of PROFILEMiami

MultiplanREAM has revealed 10 Sky Residences which are being added to 57 Ocean as the developer is reconfiguring the building’s design to make way for bigger, more expensive units. The shift is to address the high demand from East Coast buyers, bringing the unit count to 71 units, and comes about a month after the project broke ground. MultiplanREAM’s founder, José Isaac Peres, has reiterated, “supply does not drive demand. Product does.”

The Sky Residences, which start at $6.95 million, have a flow-through design and offer more than 5,000 SF of indoor/outdoor living space. Each residences features four bedrooms, five and a half baths, a family room, and 12’-deep terraces facing both the city and the ocean. High-net-worth-buyers have been snatching up 57 Ocean’s existing Sky Residences, with 50% of the original collection having sold since sales launched in October 2018. MultiplanREAM anticipates continued strong sales and demand for these larger homes, which specifically appeal to well-heeled end-users who are seeking a single-family-style home in a brand-new beachfront condominium.

Multiplan REAM also revealed 57 Ocean’s exclusive “Penthouse Duplex.” Penthouses at 57 Ocean range from $15 million to $38 million. The massive “Penthouse Duplex” is a glass house in the sky and the ultimate customizable penthouse offering flexibility in terms of its size. The developer currently has the option of combining the two existing penthouses into one show-stopping, 360-degree top-floor estate, or expanding either or both of those penthouses into the floor below, which is what the Duplex would accomplish. Since the project is self-financed by Peres, more can be done upfront to suit the needs of discerning buyers.

57 Ocean is designed by Bernardo Fort-Brescia of Arquitectonica with interiors by Brazilian designer Patricia Anastassiadis of Anastassiadis Arquitetos. Amenities are comprised of a holistic wellness spa and pavilion, complete with a thermal suite (inclusive of a steam room, aromatherapy saunas, and an ice fountain), relaxation and meditation area, and a private spa suite; two expansive infinity pools; third-floor sunset deck; poolside treatment cabanas; a pool bar and social terrace lounge; summer kitchen pavilion with a grill area; a multi-purpose club room with chef’s kitchen for full gastronomic experiences; and a state-of-the-art fitness center with innovative MyIsle training equipment by MyEquilibria and an indoor Technogym fitness center. There will also be a library, children’s activity room, 24-hour concierge, valet and security services, and pool and beachfront concessions and attendants. Residents will additionally have direct access to 220 linear feet of beach and the adjacent, Miami Beach Walk.