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In Market

The Perigon Launches from $3M in Miami Beach; San Franciscans Flock to New York

By: Ameena Walker

Miami Beach’s The Perigon Launches Sales from $3 Million

Miami Beach’s forthcoming ground-up oceanfront development The Perigon has launched sales on its 82 condominiums with prices starting at $3 million. Residences range from two to four bedrooms and span anywhere from 2,100 to 6,700 square feet, with 10-foot ceilings, custom Italian cabinetry, wraparound terraces, and unparalleled views of the Atlantic Ocean. 

The curvy glass building will rise 17 stories at 5333 Collins Avenue and is being designed by OMA New York, with interiors by Tara Bernerd. Developers Mast Capital and Starwood Capital Group are behind the project and have opted for amenities that include a swimming pool overlooking the beach, a landscaped deck with cabanas, a sunrise lounge, a fitness center, a children’s playroom, a screening room, and exclusive dining spaces for residents. 

The Perigon is the city’s only preconstruction project being built directly on the sand and will feature landscape design by Gustafson Porter + Bowman, the firm responsible for redesigning the green space at the Eiffel Tower. Completion is anticipated in 2025.

Jade Signature Penthouse Closes for $23.5 Million

Scrap metal recycling and cryptocurrency billionaire Adam Weitsman has been revealed as the buyer of the duplex penthouse atop Pritzker Prize-winning architects Herzog & de Meuron’s 650-foot Jade Signature in Sunny Isles Beach, Florida. Weitsman, who is the owner and CEO of Upstate Shredding – Weitsman Recycling and the founder of Viridium, paid $23.5 million for the 11,661-square-foot abode, setting a record price for the building.

The expansive home is complete with seven bedrooms, nine-and-a-half bathrooms, and a uniquely designed covered wraparound terrace with 360-degree views of the Atlantic Ocean.

“DUO Tel Aviv” Towers will Rise 50 Stories with Views of City’s Coastline

Developer Africa Israel Residences is planning to erect a pair of 50-story residential towers in Tel Aviv, Israel. The towers, dubbed DUO Tel Aviv, will offer a mix of one- to four-bedroom open-concept residences, along with an unspecified number of penthouses. Each residence will come with its own balcony, with many giving view to the city’s coastline.

Avner Yashar of Yashar Architects designed DUO Tel Aviv’s glassy buildings with sustainability in mind—the project is slated to earn the equivalent of LEED Gold Certification upon completion. Underground parking and a wellness complex with two outdoor pools, a fitness center, and a residents’ lounge are among the amenities that will be offered. There will also be a commercial component with a supermarket, restaurants, and retail stores.

$23 Million Penthouse atop New York’s Former Wales Hotel Hits the Market

A stunning full-floor penthouse atop a landmarked building in Manhattan’s Carnegie Hill neighborhood has come to market. The 4,179-square-foot residence is a newly constructed addition to The Wales—a hotel-to-condo conversion within the former Wales Hotel—and consists of five bedrooms, five bathrooms, and a private two-level terrace that is almost as big as the residence itself.

Accessed through a private elevator, the $23 million penthouse exudes Parisian flair with its grand French doors, warm color palette, herringbone-patterned oak flooring in the entertainment rooms, and 360-degree exposures that provide plenty of natural light and city views. The massive terrace measures 3,114 square feet and is complete with an outdoor kitchen, wet bar, fireplace, butler’s pantry, and five different access points that include the primary bedroom and the expansive living room. Building amenities include a fitness center with Peloton bikes, a pet spa, and bike storage.

San Franciscans Head to New York amid Staggering Price Hikes 

San Francisco residents are heading to New York City in search of a better bang for their bucks. A recent report from the University of California found that the number of new arrivals to the Bay Area dropped 45% between March 2020 and September 2021, while exits increased by 21%, reports the Wall Street Journal. Meanwhile, searches by Zillow users in the San Francisco metro area for properties in New York City increased by 171% between the fourth quarters of 2019 and 2021, with Brooklyn being most favored among the boroughs, Mansion Global says.

With the median sales price for a single-family home hovering around $1.335 million in the Bay Area and $1.9 million in San Francisco, many residents are seeking refuge in New York, where residences offer more space for a better price with the same access to city life and restaurants. Additionally, lower mortgage rates, a rapidly growing tech industry, and a desire to return for those that left at the pandemic’s onset make New York City more appealing to both buyers and renters. 

“I’ve definitely noticed a substantial increase in inquiries from California, mostly from San Francisco,” said Jad Cary, sales director of the Lower East Side condominium One Essex Crossing. “A lot of these buyers have lived here in the past and are nostalgic for New York, and some are exploring work opportunities here.”