Fort Partners Sells Surfside Penthouses for $69 Million

Nadim Ashi’s Fort Partners sold a penthouse in Seaway at the Surf Club for $54.9 million.

It was part of a pair of deals tied to billionaire Pablo Legorreta and his wife, Alumdena Legorreta. Records show Legoretta’s business entities bought PH-10A and PH-10B at 9149 Collins Avenue in Surfside for $54.9 million and $13.8 million, respectively. Combined, they total $68.7 million.

At 12,700 square feet, the sale works out to more than $4,300 per square foot for PH-10A. PH-10B spans 3,600 square feet and sold for $3,800 per square foot.

The buyer financed the purchase with mortgages from Morgan Stanley Private Bank totaling $40 million, records show.

Pablo Legorreta founded Royalty Pharma, the largest buyer of pharmaceutical royalties in the world. He has a net worth of $3.6 billion, according to Forbes.

The closed a month after Fort sold another penthouse in the tower for $86 million, a record for condo sales in Miami-Dade County.

That’s just for closed deals. Last year, a penthouse at Witkoff Group and Monroe Capital’s under-construction Shore Club in Miami Beach reportedly went into contract for $120 million.

These deals are symptomatic of the significant wealth migration to South Florida in recent years. A growing population of billionaire and multimillionaire buyers have fed a booming market for ultra-luxury homes and condos.

Ashi’s Fort completed Seaway last year, designed by architect Joseph Dirand and landscape designer Peter Wirtz. The 34-unit, 11-story, two-building oceanfront complex is adjacent to the Four Seasons Residences at the Surf Club. Seaway residents have access to the amenities at the Surf Club, which includes a private club, Thomas Keller restaurant and four pools.

The Seaway started closings late last year, and it has attracted high-profile buyers.

David Foley, a senior managing director in Blackstone’s private equity group, bought unit 702 for $24.5 million. Financier Bippy Siegal bought a trio of condos for $18.5 million in January. In December of last year, an entity linked to health care mogul Frederick Howe bought two condos for a combined $31.1 million.Ashi is building more condos adjacent to Surf Club. He landed a $107.6 million construction loan a year ago for Seaway North at the Surf Club, another oceanfront condo project adjacent to the Surf Club.