Nearly Three Years Later, Apogee South Beach Penthouse Sells for About Half its Original List Price

SBCB Exclusive

After lingering on the market for almost three years, the Apogee Penthouse in South Beach closed for $11.5M yesterday (April 14). Originally listed for $22M in July 2008, owner Peter Fine paid $15M for the ultra-luxury condo property in February 2008.

The buyer is Yulia Solodova for Apogee 702, LLC.

Fine produced the Tony Award-winning musical In The Heights” and is a prominent New York developer of affordable housing. He also owns a home on Miami Beach’s celebrity-studded North Bay Road, which he purchased from the then-developer of Canyon Ranch Miami Beach, Eric Sheppard.

Apogee South Beach Penthouse

The Apogee Penthouse is comprised of the top two floors of the east corner of the condominium building. It also has a large rooftop “palazzo” with a private pool and summer kitchen.

The Penthouse has 6,853 interior SF and more than 11,000 SF of terrace space. On the inside, that amounts to $1,678/PSF, which is an unremarkable number, considering the real estate involved.Apogee Penthouse Kitchen

The condo has five main bedrooms, a housekeeper’s room, elevator and a 2.5-car, air-conditioned garage.

Apogee South Beach Penthouse

Apogee South Beach Penthouse – The Real Estate

Apogee Penthouse Living Area

The main drawback to the Apogee Penthouse is that the Murano at Portofino tower hovers over the pool area (you can’t tell from this photo.). The pool area is not very private. Ahem.

More Info on the Apogee Penthouse

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  • Anonymous

    We’re having the same home value issue up here in the Tampa Bay area.
    Well, Miami was hit a little harder than us but still the Tampa Bay area
    is one of the worst markets in the US right now.

  • Pingback: Super-Flip: Apogee South Beach Penthouse Re-listed for $13.5M MORE Than $11.5M Paid. Do The Math | South Beach Condos Blog()