Jean-Georges Vongerichten Purchases Condo At 3501 Northeast 1st Avenue For $3.49M With David Martin And Michael Simkins As Sellers
3501 Northeast 1st Avenue
$3,490,000
Building Size
—
Asset Type
Condo
Closing
Jul 23, 2026
AI
A condominium located at 3501 Northeast 1st Avenue in Miami, FL, has been signed under contract for a sale price of $3,490,000. The property is part of the 49-story Jean-Georges Miami Tropic Residences, which consists of 338 units and boasts over 80,000 square feet of amenities.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $3,490,000
- Buyer: Jean-Georges Vongerichten
- Seller: David Martin - Terra
- Seller: Michael Simkins - Lion Development Group
The transaction involves prominent figures in the culinary and real estate industries, with Michelin-starred chef Jean-Georges Vongerichten making the purchase. The development is also notable for having other high-profile buyers, including Nacho Figueras and Pierre Gasly.
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
4.55%
Cash-on-Cash
-1.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93