Local Investor Purchases Condo Package Deal At Jean-Georges Miami Tropic Residences For $5.77M
3501 Ne 1st Ave Unit 4202/4203
$5,250,000
$1,399/SF
Building Size
3,751 SF
Asset Type
Package Deal
Closing
May 31, 2026
AI
The transaction involves the sale of two units at 3501 Northeast 1st Avenue Unit 4202/4203, located in the Design District/Midtown market area. The condo package deal was sold for $5,770,000, covering a total of 3,046 square feet, resulting in a price per square foot of $1,894.
Summary of transaction details:
- Property Type: Condo/Package Deal
- Transaction Amount: $5,770,000
- Address: 3501 Northeast 1st Avenue Unit 4202/4203
- Market: Design District/Midtown
- Seller: David Martin - Terra Group Miami, Michael Simkins - Lion Development Group
- Buyer’s Representative: Ty Forkner PA - One Sotheby’s International Realty
- Seller’s Representative: Ann Nortmann - Douglas Elliman
- Square Footage: 3,046
- Price per Square Foot: $1,894
The buyer, represented by Ty Forkner PA from One Sotheby’s International Realty, is a private local investor. The two units are part of the Jean-Georges Miami Tropic Residences, a luxury condominium project designed by Arquitectonica, featuring interiors by Yabu Pushelberg and culinary programming by chef Jean-Georges. The buyer intends to combine the two residences into a single unique living space, benefiting from the extensive amenities available at the development.
Players
Market Package Deal Market Snapshot
Boundary boundary · Package Deal · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.02%
Cash-on-Cash
-0.86%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93