Miami River Penthouse Presale Breaks Neighborhood Price Record

A luxury penthouse at the upcoming Faena Residences development along the Miami River has entered contract for $30 million, establishing a new price record for the neighborhood on both total price and per-square-foot basis.

The deal, brokered before construction begins, represents a growing trend among South Florida's ultra-luxury condominium market. Shahab Karmely's KAR Properties and Edgardo Defortuna's Fortune International Group are jointly developing the Faena-branded project on a waterfront site at 90 Southwest Third Street in Miami.

The penthouse spans 8,200 square feet of interior space across two levels in the east tower, with an additional 7,000 square feet of outdoor areas. At nearly $3,700 per square foot, the transaction sets a benchmark for the Miami River corridor. The unit features a private rooftop equipped with a pool, wellness facilities, and entertainment spaces. Jeffrey Abreu of Fortune International Group is representing the buyer, whose identity remains undisclosed.

Karmely originally planned to develop the site as One River Point, a project designed by architect Rafael Viñoly. In 2022, he brought Defortuna's firm on board as a partner, and the duo launched sales for Faena Residences in 2023. The collaboration marks a shift in strategy for the prominent waterfront location.

The 440-unit development will consist of two towers connected by a three-story sky bridge. A 45,000-square-foot community center called Faena Rose will serve as the project's anchor amenity. This represents the second South Florida real estate venture for developer Alan Faena, following his successful Faena District in Miami Beach.

The Miami Beach district includes Faena House condominiums, the Faena Hotel, and Faena Forum, all backed financially by billionaire Len Blavatnik's Access Industries. That project established Faena's reputation in the South Florida luxury market.

Pre-construction penthouse sales at premium price points have become increasingly common in Miami's high-end residential sector. Earlier transactions include two penthouses at Mandarin Residences, where developer Swire Properties secured contracts approaching $50 million each, translating to approximately $6,300 per square foot. Those deals were finalized months before groundbreaking, while the former hotel building still occupied the site. Upon completion in 2030, they are expected to set records for the city of Miami proper.

Another notable example involves the Shore Club development in Miami Beach, where developers Witkoff and Monroe Capital secured a contract exceeding $120 million for a penthouse at their Auberge-branded project more than two years ago. That transaction, once closed, would establish a county-wide record for condominium sales in Miami-Dade.

These early commitments provide developers with validation of their pricing strategies and demonstrate sustained demand for ultra-luxury residences despite broader market uncertainties. The willingness of buyers to commit substantial capital years before project delivery reflects confidence in Miami's continued appeal to wealthy purchasers.