From high-profile design commissions to exciting listings, there is always something new happening in the world of real estate. In this roundup, AD PRO has everything you need to know.
On the market
$90 million estate could bust Miami real estate record
A pair of houses could soon make up the most expensive residential real estate deal in Miami history.
The sprawling property on Star Island offers two distinct homes spread across 40,000 square feet. The original, built by Walter DeGarmo in 1924 as the island’s first residence, was bought by DenTek Oral Care founder John Jansheski in 2011 for $10.75 million. In 2014, Jansheski had the house physically relocated 150 feet south to make room for a modern glass mansion designed by South African architectural firm Saota. Combined, the two structures offer 11 bedrooms and 12 bathrooms, as well as a massive wraparound pool and a dock with a boat lift.
“It’s so special to be able to experience the vibe of being in a home with so much history and in one of the most architecturally significant modern homes by Saota that really showcases Miami living today, all in one property,” Alyssa Morgan with ONE Sotheby’s International Realty, who has the listing, said in a statement.
With just 30 homes, man-made Star Island is one of Miami’s most exclusive neighborhoods, attracting stars like Gloria Estefan, P. Diddy, Rosie O’Donnell, and Shaquille O’Neal. If 27 Star Island closes for the asking price, it will surpass the $75 million hedge-fund billionaire Ken Griffin dropped on a waterfront mansion in December, according to The Wall Street Journal.
$19.5 million Dumbo penthouse poised to be top Brooklyn price tag
More than a thousand miles north, another real estate record nears breaking as a 32-floor penthouse in Brooklyn’s Olympia Dumbo tower has just listed for $19.5 million. The five-bedroom condo offers direct elevator access, glass walls, and a private terrace with 360-degree views of lower Manhattan, the Brooklyn Bridge, and New York Harbor. It’s one of just 76 units in what will be Dumbo’s tallest building, designed by Hill West Architects with interiors by AD100 design firm Workstead.
A 7,433-square-foot penthouse in Brooklyn Heights’ Marmol Radziner–designed Quay Tower sold for $20.3 million in 2021. However, the 4,928-square-foot Olympia roost would be the priciest by size.
The sale is being handled by the Eklund-Gomes Team at Douglas Elliman in collaboration with The Heyman Team at Sotheby’s International Realty. “When we think of luxury high-rises, we think of Manhattan,” Fredrik Eklund told Forbes. “Before Olympia, we never saw anything like this in Brooklyn.”
Milestones
Bentley pulls into branded real estate market
On January 29, British luxury automaker Bentley Motors will launch the sales gallery for its first dedicated residence, a tower in Florida’s Sunny Isles Beach designed by architectural firm Sieger Suarez Architects, which previously worked on Dezer Development’s Porsche Design Tower and Residences by Armani Casa. With sales starting at $4.2 million, the 60-story Bentley Residences Miami will offer 216 residential units, each with an individual balcony pool, unobstructed ocean views, and an in-unit multi-car garage.
Half of the 12,000-square-foot sales gallery will be dedicated to a full-size replica of a model unit from the property, which is set to open in 2026. The other half will house a theater and lounge area for brokers, along with a bar and event space.
Bentley follows in the tread marks of Porsche, Aston-Martin, and Ferrari designer Pininfarina with properties in South Florida.
Model units
A punk icon inspires new Lower East Side condo
Taconic Partners has unveiled a new model residence at the Lower East Side’s One Essex Crossing. Designed by Colony design-community founder Jean Lin, the seventh-floor condo channels the spirit of legendary musician Patti Smith. “We rooted this project in the culture of its place,” Lin said in a release, invoking the neighborhood’s history as the birth of New York punk and Smith’s former stomping grounds. “Colors, materials, and mood reference her irreverent style and unending creativity.”
Lin’s choices reflect a mix of “loosely tailored forms, contrasting neutrals, chrome details, tweedy textures, black accents, and desaturated warm tones,” according to the release. The living area features a stone-and-steel Column Table by Moving Mountains and a SW Side Table by Soft Geometry that pairs a minimalist steel black-powder coat frame with a sleek flat top in a cream latte color.
With architecture and interiors by CetraRuddy, One Essex Crossing rises 14 stories and spans a full city block between Broome and Delancey Streets. Pricing ranges from $1.45 million for a one-bedroom apartment to $6.689 million for a penthouse. The model unit, part of the D line, is priced from $1,585,000.
In the news
The best place in America for a vacation home
Joshua Tree, California, topped AvantStay’s “25 Best Places to Buy a Vacation Home in 2022” report. The desert getaway about 120 miles from L.A. earned a 9.90 investment score from the vacation-rental company. It draws nearly 2.4 million tourists a year, and it has a median home price of $400,000.
To determine its rankings, AvantStay calculated each region’s investment score, “taking into account year-over-year growth, cap rate, population density, cash-on-cash returns, and median market price,” the company said in a release. Rounding out the top five markets were Temecula, California (with a median home price of $685,000); Smoky Mountains, Tennessee ($819,990); Cape Coral/Captiva, Florida ($360,000); and Charleston, South Carolina ($429,364).
“After nearly two years of uncertainty, the short-term rental market has truly accelerated throughout the pandemic,” AvantStay founder Sean Breuner said. “We’re seeing travelers, homeowners, and even investors view vacation rentals as a ‘home away from home’ with all the benefits and comforts found within a hotel.”
