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3501 Northeast 1st Avenue

Pierre Gasly Acquires 3,712 Square Foot Condo In Miami From David Martin And Michael Simkins For $4.9M
SOLDCondo

Pierre Gasly Acquires 3,712 Square Foot Condo In Miami From David Martin And Michael Simkins For $4.9M

3501 Northeast 1st Avenue

$4,900,000

$1,320/SF

Building Size

3,712 SF

Asset Type

Condo

Closing

Feb 5, 2026

AI

A 3,712-square-foot condo located at 3501 Northeast 1st Avenue in Miami has been sold for $4,900,000. This property is situated within the Jean-Georges Miami Tropic Residences, a 49-story luxury condo tower developed by Terra and Lion Development Group. The unit features four bedrooms, a private elevator, and a terrace.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $4,900,000
  • Address: 3501 Northeast 1st Avenue
  • Market: Miami
  • Square Footage: 3,712
  • Price per Square Foot: $1,320
  • Buyer: Pierre Gasly
  • Seller: David Martin - Terra
  • Seller: Michael Simkins - Lion Development Group
  • Buyer's Representatives: Hans Baumgartner - Miami Real Investment, Tara Ramos - P3PP3R Entertainment, Nicole Cardona - Douglas Elliman

The deal was facilitated by key representatives including Hans Baumgartner from Miami Real Investment, who represented the buyer, alongside Nicole Cardona serving as the in-house agent from Douglas Elliman. Tara Ramos, owner of the Swiss-based company P3PP3R Entertainment, played a significant role in ensuring the success of the transaction. The property design features Arquitectonica and Yabu Pushelberg interiors, complemented by amenities curated by chef Jean-Georges across five floors.

Players

Nicole Cardona

Douglas Elliman

Broker

$9.8M

vol

2 deals

Broker
David Martin

David Martin

Terra

Seller

$2.2B

vol

30 deals

Seller

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

3.24%

Cash-on-Cash

-0.93%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93