Edgardo Defortuna And Shahab Karmely Sell Faena Penthouse In Miami For $30 Million
24 Southwest 4th Street
$30,000,000
Building Size
—
Asset Type
Condo
Closing
Jul 16, 2026
About this deal
AI
The asset involved in this transaction is a condo located at 24 Southwest 4th Street, Miami, FL, which sold for $30,000,000. This sale marks a significant milestone as it represents the largest residential transaction ever recorded on the Miami River, underscoring the continued interest in ultra-luxury branded residences.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $30,000,000
- Seller: Edgardo Defortuna - Fortune International Realty
- Seller: Shahab Karmely - KAR Properties
- Broker: Jeffrey Abreu - Fortune Christie's International Real Estate
- Date of Transaction: 07/16/2026
This transaction highlights the collaborative efforts of Fortune International Group and KAR Properties in advancing the Faena-branded waterfront development, reinforcing the strength of Miami's luxury housing market.
Players
Miami Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93