Seven years after the tower was completed, developer David Martin sold his penthouse in Great Bay Grove for $17.8 million.
Records show that Coconut Grove-based CEO Martin the earthsold a 9,541-square-foot five-bedroom apartment at 2675 South Bayshore Drive through his GBPH Investments LLC.
A trust managed by James Zubok and Leon Medzhibovsky bought Penthouse 1 in the south tower, records show. Zubok is a private equity investor and Medzhibovsky is a partner at Piper Piper, according to their LinkedIn profiles.
Miltiadis Kastanis and James Hait and Douglas Elliman are the listing agents. Compass broker Liz Hogan represented the buyer, according to Realtor.com. They declined to comment.
The unit is transacting for about $1,900 psf.
Martin’s Terra developed Projects designed by Bjarke Ingels, a pair of 20-story zigzag towers overlooking Biscayne Bay in Coconut Grove. The development was completed in 2016. Buyers included billionaire Mike Fernandez, retired baseball player and real estate investor Alex Rodriguez and Martin’s father, Pedro Martin.
David Martin’s penthouse has been on and off the market for years, at one point Asking price $28 million during project construction.It returned to the market in 2018 for $25 million with Eloy Carmenate and Mick Duchon, and again at the end of 2019 With Carmenate, Duchon, John Gomes and Fredrik Eklund for $19.8 million. It hit the market last summer for $26 million, according to the listing.
The unit is partially built and features a rooftop pool, 12′ ceilings, and floor to ceiling windows that wrap around the unit. It’s unclear how much Martin paid for the penthouse, but developers who buy their own buildings often get significant discounts on condos.
martin is building a seaside mansion North of Coconut Grove, near the entrance to Brickell.
Since he completed the Grove project in Grand Bay, he has built three Park Grove towers in Coconut Grove with Jorge Pérez’s Related Group and is building the Mr. C Residences apartment tower nearby. His Grove Central, a mixed-use apartment project with retail next to a subway station on the north side of US 1 and 27th Avenue, is also under construction.
Terra has many projects outside of Coconut Grove.The firm and a team led by Martin signed a contract to purchase Genting’s 15.5-acre site in downtown Miami over $1.2 billion. The deal is expected to close later this year, and Martin may be planning a large mixed-use community as part of the deal.
