Fund Manager Relists His Custom Penthouse in Miami for $16.3 Million
The owners spent over $3 million in renovations to the two-unit spread, adding an 850-bottle wine cellar and custom millwork.
BY SABRINA LEE | ORIGINALLY PUBLISHED ON OCTOBER 3, 2024 | MANSION GLOBAL
The only combined unit in the building, the home offers 6,500 square feet of glossy tiles, five bedrooms and five bathrooms.
Daniel Petroni
A longtime investment manager has slashed another $1.5 million off the price of his double-unit penthouse in Miami’s Coconut Grove neighborhood, which relisted this week for $16.3 million.
The 20th-floor unit at Two Park Grove is owned by Peter Hochfelder, the co-founder of Brahman Capital Corp, a New York investment management company that shuttered one of its hedge funds last year amid losses.
Hochfelder bought the two-unit spread for $7.7 million when construction of the development was completed in 2018. Developers Terra and the Related Group and architects OMA and Arquitectonica partnered to build the 23-story, three-building condo on Bayshore Drive. Hochfelder declined to comment for this story.
The owners invested another $3 million in the home, with Wecselman Design performing the renovations.
“We tried to do a bit of both: throw them on the contemporary, modern side, but still keep a bit of the classic detailing,” said Deborah Wecselman of Wecselman Design.
Five years later, the refurbished condo hit the market asking $25 million. Since 2023, the price has crept down a few million dollars every few months and was taken off the market entirely over the summer. According to listing agent Devin Kay of Douglas Elliman, this is “common” in South Florida’s high-end market when sellers and wealthy potential buyers vacate the city during its hottest months.
“They pack away a lot of their outdoor furniture for storms and things like that,” Kay said. “It wasn’t really ideal to have the apartment sitting on the market.”
“With construction costs being so high, and taking so long, buyers of this magnitude want instant gratification,” said Devin Kay of Douglas Elliman.
Daniel Petroni
The only combined unit in the building, the home offers 6,500 square feet of glossy tiles, five bedrooms and five bathrooms. The decor is highly customized, with several million dollars in millwork. There’s a cocktail lounge with a wine cellar for up to 850 bottles, and a twin office space within the primary suite.
“With construction costs being so high, and taking so long, buyers of this magnitude want instant gratification,” Kay said.
Other major sales recently in Coconut Grove include a 6,900-square-foot penthouse in “original condition,” according to Kay, that sold for $17.5 million last year. In August, just down the street, the lower penthouse at Grove at Grand Bay sold for $19.5 million, according to records on Realtor.com.