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Chase Lenfest Trust Purchases Miami Beach Condo For $14.425M Through One Sotheby’s

Property Image
SOLD
$14,425,000
Roland Ortiz
Eddy Martinez

Florida

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Condo2,901 SF
Sold 05/30/2024
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Property Image
SOLD

Chase Lenfest Trust Purchases Miami Beach Condo For $14.425M Through One Sotheby’s

50 South Pointe Drive, APT 3401

See Similar Deals
Condo2,901 SF
Sold 05/30/2024
Roland Ortiz
Eddy Martinez
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:Condo
Price Per Square Foot:$4,972
Total Square Footage:2,901 SF
Transaction Type:Sale

The property involved in this transaction is a condominium located at 50 South Pointe Drive Unit in Miami Beach. The sale price for this condo was $14,425,000, with an asking price of $15,900,000. Spanning 2,901 square feet, the price per square foot was $4,972. This sale set a new all-time record high for dollar per square foot at Continuum.

Summary of transaction details:

  • Property Type: Condo
  • Transaction Amount: $14,425,000
  • Buyer: Chase Lenfest - Chase Lenfest Trust
  • Seller's Rep: Eddy Martinez & Roland Ortiz - One Sotheby’s International Realty

The seller's representatives in this deal were Eddy Martinez and Roland Ortiz from One Sotheby’s International Realty. The buyer, Chase Lenfest, represented the Chase Lenfest Trust in acquiring this property.

Players

Eddy Martinez
Sotheby's International Realty
Eddy Martinez
14 deals$192.8M volume(786) 286-4344
BROKER
Roland Ortiz
Sotheby's International Realty
Roland Ortiz
14 deals$175.3M volume
BROKER

Details

SOLD
IMAGE: Eddy Martinez & Roland Ortiz DATE: 05/30/2024 ADDRESS: 50 South Pointe Drive Unit MARKET: Miami Beach ASSET TYPE: Condo BUYER: Chase Lenfest - Chase Lenfest Trust SELLER'S REP: Eddy Martinez (@Onesirworldwide) & Roland Ortiz (@Rolandmiami) - One Sotheby’s International Realty (@Onesir) ASKING PRICE: $15,900,000 SALE PRICE: $14,425,000 SF: 2,901 ~ PPSF: $4,972 NOTE FROM SELLER'S REP: This is an all-time record high dollar per square foot at Continuum.

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

$769,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$51,248.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$68,381.86
Annual Debt Service$820,582.31