57 Ocean Construction Complete and Condo Units are 100% Sold Out at $336 Million

Recently, we have seen a number of residential towers sell out prior to construction or during construction. Towers like Residences of Armani Casa and Aston Martin Residences have either sold out or are very close to selling out, so it is of no surprise to learn about 57 Ocean selling out, right as construction is complete.

The developer and Brazilian billionaire, Jose Isaac Peres' recently sold out at 57 Ocean as well secured its temporary certificate of occupancy (TCO) for the tower. According to a managing partner, Marcelo Kingston, the sell-out includes a recent sale of a luxury penthouse for $36 million, originally listed at $38 million.

Sales previously launched in 2018 with price ranges from $1.5 million to $36 million. According to Kingston, closings will begin in October 2021. The tower sold out at $330 million.

According to the developer, about 60-70% of the buyers were domestic, and with the steady stream of sales, they were able to raise prices.

One of the lower penthouses that sold includes a $13.8 million unit purchased by Chuck Roberts, Stifel's Managing Director of Investments.

57 Ocean located at 5775 Collins Avenue rises 18 stories and features 69 luxury condo units. Designed by Bernado For-Brescia of Arquitectonica and interiors by Patricia Anastassiadis.

57 Ocean Amenities

• World-class spa
• A state-of-the-art fitness center with a fully-stocked snack and juice bar
• Thermal suite with steam room, aromatherapy saunas, experience showers, and ice fountain
• Indoor and outdoor massage treatment suites
• Library
• Two expansive, infinity pools
• Poolside cabanas
• Poolside bar and lounge
• Sunset terrace with a spa pool, wet deck, and lounge area
• Meditation area
• Yoga and Pilates area
• Outdoor training area equipped with Myisle by Myequilibria
• Clubroom with chef's kitchen
• Summer kitchen pavilion
• Children's playroom
• Direct access to the beach and beach boardwalk

Services

• Full-service concierge
• 24-hour valet parking service
• 24-hour security
• Pool and beach attendants with food and beverage service
• On-call fitness trainers, spa treatment specialists, and private chefs

Residence Features

• Terraces, up to 12 feet deep
• Wood-like ceiling accents
• Glass balustrades
• Modern Poliform cabinetry
• State-of-the-art appliances
• Solid marble waterfall island
• Master bedrooms open to the terraces
• His and her closets
• Bathrooms lined in floor-to-ceiling stone
• Floating tubs
• Sliding glass doors and vanities by Poliform
• Soft hidden lighting

According to Kingston, the project was completed on time. The developer is currently working on another boutique condo in Miami Beach called Ocean Park, which is anticipated to be complete in the summer of 2022