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Architectural Innovation in a New District

MIAMI BEACH THE ADDRESS: FAENA HOUSE, 3315 COLLINS AVE

MIAMI BEACH

THE ADDRESS: FAENA HOUSE, 3315 COLLINS AVE.
•THE NEIGHBORHOOD: MID-BEACH
WHO’S BUYING: THOSE FROM THE NORTHEAST, INCLUDING GOLDMAN SACHS’ LLOYD BLANKFEIN, CITADEL’S KEN GRIFFIN, APOLLO GLOBAL MANAGEMENT’S LEON BLACK AND ART DEALER LARRY GAGOSIAN
THE POWER MOVE: Argentine developer Alan Faena enlisted creative luminaries including filmmaker Baz Luhrmann and architect Rem Koolhaas to craft the Faena District, his multiblock stretch of hotels, residences and arts and retail spaces north of South Beach. The 18-story Faena House condo tower sits at the development’s heart, envisioned by Pritzker Prize–winning Norman Foster with floor-to-ceiling glass walls and South American–inspired alero wraparound terraces framing views of the Atlantic Ocean and Biscayne Bay.
Averaging $3,500 per square foot, the building’s 44 units—a mix of one- to five-bedroom residences and three penthouses—began flying off the market in September 2015. Among the first to go was an eight-bedroom penthouse complete with a 70-foot-long pool and nearly 10,000 square feet of outdoor space bought by Ken Griffin for $60 million, a record price for a Miami residence; he is now listing it as two separate units for a total of $73 million. The prices reflect perks like an underground garage with valet, custom Molteni Dada kitchens and Permasteelisa bathrooms, a dedicated concierge, an on-site spa, gym and pool, and preferred access to Faena District facilities, including a theater and screening room.
While experts cite Faena House’s timing—it opened before the latest market cooling—for its high prices, the bragging rights of being in the new Faena District also played a part in its success. The building sold out soon after hitting the market, but, as Griffin’s listing illustrates, individual apartments do come up for resale. The question now: Will the high prices be maintained?
CONTACT: ERIK SCHNEIDER, ESCHNEIDER@FAENA.COM, 305.534.8800, FAENA.COM/FAENA-HOUSE
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