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Eduardo Costantini gets a deal on condo at his Oceana Key Biscayne: $5.4M

Eduardo Costantini gets a deal on condo at his Oceana Key Biscayne: $5.4M
Costantini bought the unit for $1,329 psf, a 39% discount from its listing price of $8.9M
April 15, 2016 04:45PMBy Ina Cordle

Oceana Key Biscayne

Eduardo Costantini, the Argentine developer of Oceana Key Biscayne, just paid $5.423 million for a condo at his own development.
Costantini, the founder of Buenos Aires-based Consultatio, bought unit 1201S in the 142-unit property at 350 Ocean Drive, which was designed by Arquitectonica. The price for the 4,080-square-foot condo equates to $1,329 per square foot.
The four-bedroom, seven-bathroom and one half-bath unit was on the market for three months for $8.9 million, according to a listing on oceana-keybiscayne.com. That means Costantini purchased it at a 39 percent discount.
According to the listing, the condo is a flow-through corner unit on the “best line” of Oceana Key Biscayne, with ocean, bay and city views. It features a 2,000 square-foot wrap-around terrace, closets with Italian veneer and Snaidero kitchen and bath cabinets.
Oceana Key Biscayne ranks as the highest grossing preconstruction project this cycle. It generated nearly $580 million in recorded transactions, selling 148 units out of a total of 154 units as of Jan. 31.
Costantini is currently developing Oceana Bal Harbour, which is 70 percent sold. The 28-story, 240-unit tower, designed by Arquitectonica, has recently topped off. The project will feature large sculptures by Jeff Koons, which Costantini purchased for $14 million: “Ballerina,” which is now on display at MALBA, and “Pluto and Proserpina.”


Source: The Real Deal

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