David Martin And Russell Galbut Sell Five Park Penthouse For $18.5 Million In Miami Beach
501 West Avenue
$18,500,000
$3,052/SF
Building Size
6,060 SF
Asset Type
Condo
Closing
Feb 27, 2026
About this deal
AI
The condo located at 501 West Avenue Unit 4701 in Miami Beach has a sale price of $18,500,000, encompassing a total of 6,060 square feet. The price per square foot is calculated at $3,053. This unit represents the final penthouse at Five Park, developed by Terra and GFO Investments.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $18,500,000
- Address: 501 West Avenue Unit 4701
- Market: Miami Beach
- Seller: David Martin - Terra; Russell Galbut - GFO Investments
- Buyer's Representative: Matt Lill - The Corcoran Group
- Seller's Representatives: Christopher Wands, Angelica Garcia (AngelicaGarcia04), and Luiza Chiminacio Blackmon - Douglas Elliman
- Sale Price per Square Foot: $3,053
- Total Square Footage: 6,060
The closing of this transaction marks the completion of sales for the 48-story tower, coinciding with a rise in luxury penthouse trades within Miami. The brokers from Douglas Elliman represented the sellers, while The Corcoran Group facilitated the buyer in this deal.
On the Map
$18,500,000
$3,052/SF
Condo
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Players
Miami Beach Condo Market Snapshot
Boundary boundary · Condo · Sale transactions
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Deal FAQ
About $3.1K per square foot on a published $18.5M for 6,060 square feet (2026).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.86%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93