By Lee Barney From Newsmax

Dreamstime

South Beach, Miami is about to get a luxury, 15-story condo tower adjacent to the Ritz-Carlon, where the penthouse will be listed for $125 million, Bloomberg reports.

As the ultra-high-net-worth buy up properties in Florida, developers are building luxury apartments and homes that rival only the most expensive real estate, like that seen in Manhattan’s Billionaire’s Row.

Citadel Securities CEO Ken Griffin recently broke a record with the purchase of a $238 million penthouse there. Och-Ziff Capital Chairman Daniel Och recently sold his apartment on Billionaire’s Row, at the lower end of Central Park West, for $190 million.

Demand has been building for $100 million-plus homes in New York, Malibu, Miami and Palm Beach.

Miami real estate broker Fredrik Eklund expects the 30 condos at the new South Beach tower to sell for a combined $450 million, with prices starting at $3.9 million.

Wealthy customers are not necessarily leaving New York but looking for homes where they can alternate residency, including the Hamptons, Madrid and Mexico City.

“It’s not that so many people left New York, it was more that they actually kept their New York residences, and they’re buying and collecting these properties in Miami,” says Eklund, known for his reality TV show “Million Dollar Listing New York.”

Flag Luxury Group President Dayssi Olarte de Kanavos, one of the owners of the new property, says, “Miami is not just a tourist economy anymore. We now have so many hedge fund, venture capital, and real estate workers who live here.”

Although neighboring Art Deco hotels pushed back against the new building, the developer prevailed in October.

The building, expected to be completed in April 2027, will have a pool, catering from a Michelin-starred chef’s restaurant, and access to Ritz-Carlton amenities including its spa and oceanfront beach club.

“Can you compare it to a Central Park West and South?” Eklund asked. “Maybe not yet, but soon you will.”

Related Stories:

• Billionaires Drive Up Palm Beach Mansions to $14M
• Ken Griffin Envisions Miami Unseating New York as Finance Capital
• $250 Million NYC Penthouse Triplex Priciest in the US

© 2024 Newsmax Finance. All rights reserved.

For more on this story go to NEWSMAX