Syndicated — If you were to compile a list of the most expensive apartments, the top would be filled by New York City real estate. A new building project in Miami is hoping to change that. Named "The Mansions at Acqualina," the new high-end units will include a penthouse priced at $50 million.
Not only will this penthouse be the most expensive in Florida, its price tag will only be surpassed by a dozen or so properties in Manhattan, including a handful for $50 million, a few priced in the mid-70s, Frank Woolworth's former townhouse, which is for sale for $90 million, and a West 56th Street penthouse listed for a whopping $100 million.
Why embark on such a grandiose project in Miami? There's a need, explained Michael Goldstein, the president of The Mansions at Acqualina.
"In the past everything was built for investors or was smaller units under 4,000 square feet. We saw a need for units above 4,500 square feet," Goldstein said.
Goldstein explained that there is a 5-diamond hotel just north of the proposed property with units ranging from 2,200 to 2,700 square feet.
"The owners of that building love it so much they kept asking us to create bigger apartments," he said.
And build bigger apartments they did.
Although the building could hold 65 stories, ceilings measuring at least 10 feet high in every unit give the building 47 floors.
The 79-unit building sits oceanside in Sunny Isles, Miami Beach. Starting at $5 million each, the first 72 units are situated two to a story. Each of the remaining units have in-ground, indoor pools. The $50 million two-story, 15,000-square-foot penthouse tops the building and is completely customizable.
The units feature a host of high-end amenities, ranging from Creston control systems, Italian glass tiles in the bathroom, granite floors, and embossed crocodile leather closets.
"These are not cheap finishes," Goldstein said. "People with money will buy the best they can buy. This is really a unique lifestyle you can't find in too many buildings."
Interested in picking up one of these high-end spaces? The apartments are pre-selling now, with finish date scheduled for 2015.