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Kevin Maloney And Ryan Shear Of PMG And Larry Feldman Of Feldman Equities Sell Condo In St. Petersburg For $27M

Property Image
SOLD
$27,000,000
Ryan Shear
KM

Florida

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Condo11,000 SF
Sold 07/22/2025
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Property Image
SOLD

Kevin Maloney And Ryan Shear Of PMG And Larry Feldman Of Feldman Equities Sell Condo In St. Petersburg For $27M

150 2nd Avenue South

See Similar Deals
Condo11,000 SF
Sold 07/22/2025
Ryan Shear
KM
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Condo
Price Per Square Foot:$2,454
Total Square Footage:11,000 SF
Transaction Type:Sale

A duplex penthouse at 150 2nd Avenue South in St. Petersburg was sold for $27,000,000. The total square footage of the condo is 11,000, leading to a price per square foot of $2,455. This transaction marks a new record for condo prices in the Tampa Bay area. The property is a part of the future Waldorf Astoria Residences, which is slated for completion in 2030 and will be the tallest building along the Gulf Coast, featuring storm-resilient characteristics.

Summary of transation details:

  • Property Type: Condo
  • Transaction Amount: $27,000,000
  • Address: 150 2nd Avenue South
  • Market: St. Petersburg
  • Square Footage: 11,000
  • Price per Square Foot: $2,455
  • Seller: Kevin Maloney & Ryan Shear - PMG; Larry Feldman - Feldman Equities

The sale involved Kevin Maloney and Ryan Shear representing Property Markets Group, and Larry Feldman representing Feldman Equities. The sale was made to a local business leader, demonstrating the strong demand for high-end coastal living in Florida.

Details

SOLD
IMAGE: Kevin Maloney, Ryan Shear & Larry Feldman DATE: 07/22/2025 ADDRESS: 150 2nd Avenue South MARKET: St. Petersburg ASSET TYPE: Condo SELLER: Kevin Maloney & Ryan Shear - PMG (@PMGDevelopment); Larry Feldman - Feldman Equities SALE PRICE: $27,000,000 SF: 11,000 ~ PPSF: $2,455 NOTE: A duplex penthouse at the future Waldorf Astoria Residences in St. Petersburg sold for $27M to a local business leader, shattering Tampa Bay’s condo price record; the seller is the development team led by Property Markets Group and Feldman Equities.Slated for 2030, the 50-story tower will be the Gulf Coast’s tallest, with storm-resilient features and strong demand from Florida-based buyers amid rising interest in high-end coastal living.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,440,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$95,925.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$127,993.77
Annual Debt Service$1,535,925.30