NYC Family Buys $47M St. Regis Miami Penthouse

A New York City family has agreed to purchase a penthouse at the St. Regis Residences in Miami's Brickell financial district for $47 million, marking one of the highest condominium sale prices recorded in the area. This transaction places the buyers in proximity to billionaire Ken Griffin, who also owns property in the district. The sale price of $47 million is closely behind the $49.9 million record set in March for duplex penthouses at the Residences at Mandarin Oriental, another under-construction development. The St. Regis Residences, a 50-story condominium tower located on Brickell Avenue with views of Biscayne Bay, is slated for completion by the end of 2027. The project is a collaboration between Related Group and Integral Investments, with architectural design by Robert A.M. Stern Architects. It comprises 152 ultra-luxury units, with initial prices exceeding $5 million. The specific unit acquired by the New York family, known as The Charles penthouse, spans two floors and covers 10,012 square feet. This expansive residence features five bedrooms, seven bathrooms equipped with natural stone showers, a gourmet kitchen outfitted with Italian cabinetry and bespoke lighting, two large terraces designed for entertaining, a private rooftop pool, a spa, and a summer kitchen. Developers have reported that over 80% of the St. Regis Residences have been sold, generating approximately $900 million towards a projected nearly $1 billion sellout. Upon completion, the tower will offer a comprehensive suite of high-end amenities. These include a private marina, a fine-dining establishment led by a Michelin-starred chef, exclusive access to a beach club, a dedicated video game room, a golf simulator, and a wellness center. The wellness facilities encompass a cold plunge pool, sauna, Pilates and yoga studios, three distinct swimming pools, and a sky lounge situated on the 31st floor. The St. Regis Residences project is part of a broader trend of high-end developments in the Brickell area, aimed at accommodating a growing affluent population seeking luxury urban living. The Brickell district is often referred to as the 'Manhattan of the South' due to its dense concentration of financial institutions, residential towers, and upscale amenities, mirroring aspects of Manhattan's urban landscape. The influx of residents and investment in luxury real estate underscores Brickell's status as a prime destination for high-net-worth individuals and families.