Real Estate News

Ritz-Carlton developer: Sunny Isles penthouse under contract for $21 million

A rendering of the penthouse level at the Ritz-Carlton Residences in Sunny Isles Beach
A rendering of the penthouse level at the Ritz-Carlton Residences in Sunny Isles Beach Fortune International Group

A wealthy buyer agreed to pay $21 million for a waterfront condo in Sunny Isles Beach that hasn’t been built yet, developers say

The unnamed buyer combined two 51st-story units at the Ritz-Carlton Residences into a 7,735-square-foot apartment with five bedrooms and 6.5 bathrooms. An outdoor terrace offers a summer kitchen, infinity pool and private garden.

The 212-unit project hasn’t yet put a shovel in the ground but construction is expected to start next year, meaning the tower will likely open in 2018.

Buyers of South Florida luxury real estate must typically put down 50 percent in cash before closing. No county records will be available until the sale is finalized, meaning the identity of the buyer and the exact sales price may not be known for years.

“Since our launch earlier this year, sales have been strong and the project has been very well received,” Edgardo Defortuna, CEO of developer Fortune International Group, said in a statement.

Fortune is partnering with the Château Group on the project.

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