Jeffrey Soffer Sells Turnberry Ocean Club Condo In Sunny Isles Beach For $16M Through Diane Cohen
18501 Collins Avenue
$16,000,000
$2,570/SF
Building Size
6,225 SF
Asset Type
Condo
Closing
Oct 29, 2024
About this deal
AI
The property involved in this transaction is a condo located at 18501 Collins Avenue Unit 4803 in Sunny Isles Beach. The sale price was $16,000,000 and the condo encompasses 6,225 square feet, resulting in a price per square foot of $2,570.
Summary of transation details:
- Property Type: Condo
- Transaction Amount: $16,000,000
- Address: 18501 Collins Avenue Unit 4803
- Market: Sunny Isles Beach
- Seller: Jeffrey Soffer
- Broker: Diane Cohen - Skyline International Realty
- Original Listing Price: $20,000,000
- Time on Market: 2 years
Jeffrey Soffer, a billionaire developer, initiated the sale after adjusting the price of his unit several times over the course of two years on the market. Diane Cohen, representing Skyline International Realty, facilitated the transaction, showcasing her role in the deal without revisiting previously mentioned details.
Sunny Isles Beach Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Deal FAQ
About $2.6K per square foot on a published $16M for 6,225 square feet (2024).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93