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Vitamin mogul lists Ocean House condo for $12.5M

Vitamin mogul lists Ocean House condo for $12.5M
Price breaks down to $2,877 per square foot
November 06, 2015 05:15PMBy Sean Stewart-Muniz

United U-0301 at the Ocean House condo complex in South Beach

Andrew Lessman, an entrepreneur and the founder of vitamin company ProCaps Laboratories, just listed his Ocean House condo in South Beach for $12.5 million.
Unit U-0301 is a four-bedroom, four-and-a-half bathroom residence that overlooks the Atlantic Ocean through floor-to-ceiling glass windows. Its features range from top-of-the-line appliances in the kitchen to a psychedelic marble pattern in the master bathroom. The unit, which is being sold unfurnished, also comes with two parking spaces.
ProCaps Laboratories founder Andrew Lessman

The listing belongs to Dora Puig of Luxe Living Realty, who also represented Lessman for two condo sales at Apogee in 2010. She said the bathroom marble was imported from Syria — no small feat when that whole region is wrapped in conflict — and the marble floors found throughout the residence are dressed up to look like wood panels. “He made a lot of really cool design decisions,” Puig said. 
Lessman, who is frequently seen pitching his company’s supplements on the Home Shopping Network, paid $4.7 million for the modern-styled condo in 2012, according to Miami-Dade County property records. Puig said he then spent more than a year building it out. “He put the whole master suite overlooking the water because he meditates,” she said. 
Listing agent Dora Puig

Measuring 4,344 square feet, Lessman’s asking price breaks down to a whopping $2,877 per square foot, an increase of nearly $1,800 a foot over what he originally paid. That price point rivals units at some of South Beach’s hottest luxury developments like the Continuum and Apogee — though it’s still leagues away from the nearly $4,800 per square foot that hedge funder Ken Griffin paid for his Faena House penthouse.
The unit is one of 28 at Ocean House, a seven-story luxury condo complex at 125 Ocean Drive in Miami Beach that was first built in 1946 and completely renovated in 2008. Ten of those units are loft-style spaces that face Ocean Drive, while the other 18 are beachfront.
Ocean House fell into foreclosure in 2009 and lender iStar Financial later seized it. The company invested in a series of capital improvements, including the common area’s total redesign by Antrobus + Ramirez, and relaunched sales in 2012.

Source: The Real Deal

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