Ohio steel family wants to flip Glass South Beach unit for $13M
An Ohio family of steel magnates is looking to flip one of its two units at Glass, a boutique South Beach condo building completed about two years ago, for $12.9 million.
Records show Majestic Steel Properties Inc. paid nearly $7.9 million for the 3,374-square-foot, full-floor condo in 2015. The company is owned by Dennis Leebow, founder of wholesale steel supplier Majestic Steel, and his son Matthew Lebow, head of acquisition and development.
The three-bedroom unit on the 12th floor of Glass is located at 120 Ocean Drive. SoJo Design handled the interiors for the unit, which features wraparound terraces, Gaggenau kitchen appliances, white oak flooring and custom Ornare closets. The asking price breaks down to about $3,800 per square foot.
The $12.9 million price tag marks a 64 percent increase from its previous sale. Realtor.com shows only one other condo for sale in the 10-unit, 18-story building, which is unit 900, asking $9.5 million or $2,800 per square foot.
Terra Group developed the boutique project and hired Rene Gonzalez to design it. The South-of-Fifth development includes a gym and pool, access to a private beach club, housekeeping and valet. Carmenate handled preconstruction sales for Glass, which he said exceeded $100 million. Owners include Jason Derulo, who recently bought a unit in the building, Carmenate said.
Majestic Steel Properties bought the 12th floor unit along with unit 1100 for an additional $7.3 million. The Lebows, who haven’t lived in either condo, plan to keep 1100, according to Carmenate. Earlier this year, Brown Harris Stevens Miami LLC sued Majestic Steel Properties for allegedly failing to pay the commission on a failed sale of one of the two Glass units. The Lebows’ company kept the $1.2 million deposit without paying Brown Harris Stevens its $540,000 cut, according to the suit.
Carmenate declined to comment on the suit. Court records show a hearing is set for Friday.
Source : TheRealDeal