Chase Lenfest Trust Acquires Condo In Miami Beach For $14.42M
50 South Pointe Drive, APT 3401
$14,425,000
$4,972/SF
Building Size
2,901 SF
Asset Type
Condo
Closing
May 29, 2024
About this deal
AI
The condo located at 50 South Pointe Drive in Miami Beach was sold for a total price of $14,425,000. The property spans 2,901 square feet, resulting in a price per square foot of $4,972. The sale set a record for the highest dollar per square foot sale price at the CONTINUUM Miami Beach.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $14,425,000
- Address: 50 South Pointe Drive Miami Beach
- Square Footage: 2,901
- Buyer: Chase Lenfest - Chase Lenfest Trust
- Broker: Lisa Sanders - RelatedISG Realty
Lisa Sanders of RelatedISG Realty was the broker facilitating the sale, representing the buyer, Chase Lenfest of the Chase Lenfest Trust. Her expertise and negotiation skills played a crucial role in achieving the record-setting price per square foot for this transaction.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.10%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93