Condo hits resale market at $17 million as Miami’s luxury market seeks to prove it’s immune to recession woes

by Kerrie Kennedy

The home of Miami-born tech entrepreneur David Centner, whose most recent company, Highway Toll Administration, was acquired by Platinum Equity’s $6.5 billion-dollar global buyout fund, is on the market.

Priced at $17 million, the oceanfront Miami Beach condo where Centner lived with his wife Leila covers the entire top floor of the 25-story Capobella condominium located at 5025 Collins Ave.

The former New York-based couple combined two penthouses in 2018 to create the more than 9,000-square-foot residence, featuring 11 bedrooms, 10 bathrooms, two oceanside cabanas with kitchens and baths, 10 parking spaces and stunning ocean views.

“It’s a very rare unit that offers 360-degree views of Miami,” co-listing agent Daniel Tzinker, broker and owner of Tzinker International Realty, told Miami Agent. “We call it ‘Sky Villa’ because of its magnitude.”

Listed in mid-June, Tzinker said he anticipates the buyer will be from New York or somewhere in the Northeast. “We were already getting a lot of New Yorkers escaping high taxes, but if anything, the pandemic has increased migration. People who are working from home realize they can live anywhere now.”

It’s a phenomenon that’s making Miami’s luxury market somewhat recession-proof. “The uber high-end market in Miami didn’t experience a stoppage at all,” Tzinker said. “Some price categories have slowed down because people want clarity, but this price category is immune.”

Anecdotal evidence appears to back this theory up. In April, during the height of the lockdown, singer-songwriter Pharrell Williams purchased a Coral Gables waterfront property for $30 million. Also in April, soccer star David Beckham closed on a full-floor penthouse at One Thousand Museum for a reported $20 million.

While luxury single-family homes in Miami are currently in demand thanks to pandemic concerns, Tzinker said there’s still demand for high-end condos, especially among second- or third- home buyers who often value the conveniences found in a condo building.

The Capobella features just 18 stories, private elevators, a doorman, security and easy access to the boardwalk, beach and shopping.

Tzinker, who is co-listing the property with Rena Kliot of Pulse International Realty, plans to launch Super Luxury Group later this month. The Miami-based group will specialize in listings priced at $5 million and above.

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