Automotive Vendor Buys Porsche Design Tower Rental for $14M

Alan Jay Wildstein and the Porsche Design Tower in Sunny Isles Beach (Alan Jay Automotive Network, Carl Lender, CC BY 2.0 - via Wikimedia Commons, Draper and Associates, iStock)

Alan Jay Wildstein and the Porsche Design Tower in Sunny Isles Seaside (Alan Jay Automotive Community, Carl Lender, CC BY 2.0 – by way of Wikimedia Commons, Draper and Associates, iStock)

A automotive seller paid $14.4 million for a apartment within the Porsche Design Tower in Sunny Isles Seaside, marking his second buy within the constructing this summer season.

James and Annette Lucas offered their two-story unit 4405 at 18555 Collins Avenue to Alan Jay Wildstein, in line with Melissa Barragan of Dezer Platinum Realty. Barragan represented the customer, and Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty represented the sellers.

Wildstein is president and CEO of central Florida-based Alan Jay Automotive Community, a automotive dealership with places in Wauchula, Sebring, and Clewiston.

Final 12 months, he offered his waterfront Fort Lauderdale residence for $7.5 million.

The 6,121-square-foot, three-bedroom, four-bathroom Porsche Design Tower apartment options 22-foot ceilings and a four-car storage. The Lucases paid $7.4 million for the apartment once they bought it in 2018, information present. The couple accomplished an intensive renovation on the unit earlier than following their youngsters again to their residence state of Texas, Gonzalez mentioned.

“[Lucas] fully gutted the unit, to the naked bones, after which put all of it again collectively extraordinarily effectively,” he mentioned. The unit offered for practically double its buy value 4 years in the past.

This isn’t the primary time Wildstein has purchased a apartment at Porsche Design Tower, in line with Barragan. Property information present Wildstein paid $6 million in June for unit 2501, a 4,154-square-foot, three-bedroom, four-bathroom apartment.

“He liked the constructing a lot, however he needed extra space,” Barragan mentioned. Wildstein is re-listing the smaller unit for simply shy of $7 million, she mentioned.

Wildstein additionally owns a automotive gallery on the fourth ground of the constructing that may match as much as seven automobiles from his automotive assortment, permitting for a complete capability of 11 automobiles within the tower, apart from these on the unit that’s going again in the marketplace.

Wildstein has gone all-in on car-centric luxurious apartment dwelling. Barragan additionally represented him within the presale of a apartment at Bentley Residences, a improvement a number of buildings down on Collins Avenue. In accordance with Barragan, Wildstein is shopping for a three-bedroom, three-and-a-half-bathroom unit that includes a three-car storage within the constructing. Development of the 60-story, 200-unit tower is about to wrap in 2026. Barragan declined to reveal the worth of the deliberate buy.

The 60-story, 132-unit Porsche Design Tower, developed by Dezer Improvement in 2016, frequently ranks within the prime apartment gross sales for Miami-Dade County. Wildstein’s buy marked the most costly apartment sale within the county final week.

Privateness options such because the Dezervator — a automotive elevator that permits individuals to maintain their automobiles of their items — has been a draw for consumers, mentioned Barragan, including that she has closed $32 million in gross sales within the constructing within the final 90 days, a determine she says departs from the historic norm.

Sunny Isles Seaside has been a hotbed for luxurious apartment offers. A $10.4 million deal at Jade Signature ranked as one of many largest apartment gross sales within the county final month.

One other unit at Jade Signature offered for $10.3 million this spring after spending 1,060 days in the marketplace. And a Turnberry Ocean Membership apartment offered to a pair of knowledge science entrepreneurs for $14.3 million in April.

https://therealdeal.com/miami/2022/07/07/car-dealer-doubles-down-on-porsche-design-tower-condos-pays-14m-for-latest/

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