Cohen brothers join Compass, list Miami Beach spec home for $23M
Waterfront 11,500-square-foot spec manse hit the market on Thursday
February 11, 2016 12:00PMBy Katherine Kallergis
3114 North Bay Road and Julian and Jacques Cohen
It’s all in the family for the Cohen brothers, who have both joined Compass and are listing a spec mansion on Miami Beach developed by their father.
Julian Cohen, based in Miami Beach, left Coldwell Banker for Compass last month. And his brother, Jacques Cohen, left Douglas Elliman in December to join the real estate technology company in New York.
Now, they are co-listing 11,500-square-foot mansion at 3114 North Bay Road. It hit the market on Thursday for $22.9 million, Julian Cohen told The Real Deal.
The waterfront home, developed by their father, Felix Cohen, boasts seven bedrooms, eight-and-a-half bathrooms, two living rooms, a wine cellar, library, dining room, media room and elevator. The spec home developer also built 3 Indian Creek – a 30,000-square-foot mansion that set a record for single-family home sales in Miami-Dade when it sold for $47 million in 2012.
The property features Versaille pattern oak floors, a matte black Italian kitchen, a catering kitchen, smart home technology, a custom lighting system and rose gold shower fixtures, according to a press release. Property records show the lot last sold for $8.4 million in 2014.
The Cohen brothers are marketing the three-story estate to domestic buyers, Jacques Cohen said. On its rooftop is a 2,500-square-foot garden that offers views of Biscayne Bay and downtown Miami. The property also features landscaped walls, Ipe wood paneling, a 100-foot mosaic swimming pool that connects to a 15-person Jacuzzi, a gym, spa and steam room, a new dock and a boat elevator.
Both brothers said they left their former firms because of Compass’ proprietary technology and market analysis. “I’ve worked with Douglas Elliman and Coldwell Banker. Neither company has anything that comes close to [Compass], ” Julian Cohen told TRD.
Cohen, 29, has been working in the industry for nine years and said he learned to “appreciate floor plans” at a young age. He said it was time for him move on from Coldwell Banker, where he got his start with the Jills and later his own team. At Compass, he is focusing on luxury condos and single-family homes.
The New York-based firm, which has raised $135 million from investors and is valued at $800 million, has expanded in Miami, the Hamptons and the West Coast over the past year. In January, the startup brokerage tapped Louis Sunshine as an adviser.
Jacques Cohen, who will split his time between Miami and New York, said the Sunshine hire played a role in his decision to join Compass, calling his new employer “extremely well-funded” and “infrastructurally superior to Elliman and most other firms.”
“Compass is stronger in the domestic market,” he said. “It’s not like a McDonald’s type of firm.”
Source: The Real Deal