Breaking records: Will this penthouse double Miami's sales record?

Setting a double record, a sprawling penthouse in the Shore Club Private Collection, nestled in Miami Beach's most prestigious enclave, is poised to shatter city apartment sales records for spring festivities. Not only that, but it will also double the previous record for luxury apartment sales within a shared building.

The penthouse, spanning approximately 975 square meters with around 695 square meters of terraces and a private rooftop pool overlooking the ocean, is under contract for $120 million (about NIS 436 million), positioning it as the priciest residential apartment ever sold in the Miami area.

As reported by The Wall Street Journal, the previous record for condominium apartments was set in 2015 at half the price, when hedge fund billionaire Ken Griffin paid $60 million for another penthouse in the area. The property has since been sold at a loss for $46.2 million. Notably, in 2022, Griffin made headlines by purchasing a sprawling waterfront mansion in Coconut Grove for $106 million, marking the area's first $100 million-plus residential sale.

Between a luxurious hotel dating back to the 1930s and a newly constructed lavish tower

Designed by Robert A. M. Stern Architects, the impressive penthouse is part of a prestigious residential project comprising 49 private apartments. These are housed within the historic Cromwell Hotel building from the 1930s and a newly constructed adjacent tower, soaring approximately 61 meters in height. Alongside the penthouse, the project offers a private estate spanning around 557 square meters and boasting five-star resort amenities. Sales commenced last year, with prices ranging from approximately $6 million to $40 million, excluding the penthouse. Completion of the project is slated for 2026.

Miami's real estate market has witnessed a surge amid the pandemic. Beyond the impending record-breaking sale, the redevelopment of the historic Raleigh Hotel aims to set a new benchmark, with a penthouse commanding a staggering $150 million.