St Regis Bal Harbour Penthouse Sold by Billionaire
When someone mentions living at the St Regis Bal Harbour, they seem to always say it with a slight smile and a twinkle in their eye. Locals know that the six star resort is an incredibly prestigious residence. In this hot Miami real estate market, the prices just keep going up…and the rich are getting richer. Yuriy Kosyuk, a Ukrainian billionaire that has built his empire from the food product industry, has set a record through his $22.75 million sale of a penthouse at the St Regis Bal Harbour.
The penthouse unit at the St Regis Bal Harbour was originally planned as five separate units, but apparently Mr. Kosyuk preferred taking the full 14,129-square-foot condominium for himself. (It’s very Russian to be enjoy the deep satisfaction of owning the biggest condo on the top floor of the best building of your favorite community). The resulting assemblage of space gave way to stunning 360-degree views of magnificent ocean and city skyline. This raw penthouse space was never finished, so the completed sale price of $22.75 million set the Miami sales record for a raw space. Mr. Kosyuk no doubt made a nice profit from his vision to purchase the five units combined as one massive penthouse. The current record price for a finished Miami condo unit sale is $27 million for a penthouse at the Setai, which was completed in January 2013.
New Sale and Strategic Deal
The St Regis Bal Harbour is also gaining further international acclaim by being identified as a preferred hotel for Qatar Airways and their loyal following, which includes a great deal of wealth from the Middle East. The Al Rayyan Tourism Investment Company (ARTIC) recently announced that it has completed the acquisition of the St Regis Bal Harbour and has formed a partnership agreement with Qatar Airways, the award-winning five-star airline, making The St. Regis Bal Harbour Resort, an ARTIC property, the carrier’s preferred hotel in Miami. Complementing this agreement, Qatar Airways announced the launch of its new four weekly direct flights to Miami during a press conference held at The St Regis Bal Harbour Resort. Mr. Rutger Smits, CEO of ARTIC, also commented: “We are delighted to be partnering with such a prominent airline. The St Regis Bal Harbour is an iconic hotel with great offerings that Qatar Airways, as a five-star airline, will want to introduce to its travelers. We are confident that this agreement will have positive results for both partners.”
The airlift partnership is good news for St Regis Bal Harbour long-term property values because it will no doubt garner attention and desirability from affluent Middle Eastern visitors. This should have a positive impact on hotel occupancy, condo unit sales and overall price appreciation for the future. In speaking with real estate developers about resort sales velocity, the airlift is a key driver for sales velocity and overall development feasibility.
St Regis Bal Harbour Real Estate
The St Regis Bal Harbour is a 6-star hotel and condominium that offers luxurious living on over 9 acres of oceanfront property with nearly 1,000 feet of beautiful beach to enjoy. The community was developed by Starwood Hotels & Resorts Worldwide and the architectural team is the well-known Sieger Suarez Architectural Partnership of Florida. The exclusive real estate development is located conveniently near the Bal Harbour Shops and each tower on the property has a private lobby, security, valet and covered parking. The St Regis Bal Harbour is simply breathtaking and is the talk of Miami as one of the highest quality hotel and condo communities in Miami, Florida, and all of the Unites States.
Extensive Residence Options
There are three towers that comprise the St Regis Bal Harbour with 1-, 2- and 3-bedroom residences available. Residence floor plans range from 1,777 to 3,884 square feet, while the condo hotel offers between 1,310 and 1,475 sq ft of living space. Each space includes 11 to 15-foot deep glass terraces that offer stunning views of the bay, the ocean and the skyline. The towers are 27 stories tall with 268 residences, 36 hotel condo suites, 183 hotel units, 24 residence club units and a single presidential suite.
Outstanding Condo Finishes
St Regis Bal Harbour condos feature spacious European-style kitchens, fireplaces, pre-wiring for modern communications, travertine stone, walk-in showers, overflow soak tubs, contemporary high-end master bathrooms and granite countertops. Residents also have their choice of 7 appliance and cabinetry finishes along with a range of other luxurious features.
Billion Dollar+ Overall Value
All in all, the development is an absolute masterpiece. Being at the St Regis is like being in another world. The hotel services are incredible. I have been quite impressed with the courteous and attentive staff. Starwood Resorts & Hotels spent about six years and $1 billion to build the high-rise, high-luxury project, and that billion dollar feeling is transcendent throughout the grounds and amenities.