Real Estate News

A London family just agreed to rent a Miami Beach condo for $70k a month

The interior of the condo at Faena House that rented for $70,000 per month
The interior of the condo at Faena House that rented for $70,000 per month

You could put a down payment on a house in Coral Gables with the $70,000 that a London family agreed to pay in monthly rent for a 4,730-square foot Miami Beach condo.

The family, whose names aren’t being revealed, signed a seven-month lease for the four-bedroom, six-bathroom unit on the tenth floor of Faena House in Mid Beach. The apartment comes fully furnished with private butler service, ocean views and walk-in closets.

“This rental ... is a testament to how strong the market still is,” said Tony Rodriguez-Tellaheche, a broker at Prestige Realty Group, which represented the renters. The eye-popping monthly rent is the highest for a condo in Miami-Dade County so far this year, according to Prestige.

Landlord Ashok Khubani, who owns a leading “As Seen on TV” gadget manufacturer called OnTel Products, paid $18.5 million for the condo last year, property records show. Kayce Driscoll of Douglas Elliman represented Khubani.

Faena House made headlines last year when a hedge fund billionaire paid $60 million for a duplex there, smashing the record for a residential real estate transaction in Miami-Dade.

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