A Miami penthouse that in May smashed records as the priciest real estate transaction closed entirely with cryptocurrency is returning to the market — for $5 million more than it sold for. And, once again, cryptocurrency is accepted.
In May, the 5,067-square-foot lower penthouse unit of Arte by Antonio Citterio in the Surfside neighborhood of Miami sold for $22.5 million in an unidentified cryptocurrency. As a partnership with the blockchain and securities trading platform SolidBlock, developers Alex Sapir and Giovanni Fasciano have touted the use of cryptocurrency in real estate transactions as a marketing strategy.
But after four short months, the new owner has chosen to put the property back on the market for $27.5 million. Siblings Ryan and Max Farbstein of Douglas Elliman, who originally represented the listing, have returned to sell it again.
The owner has been cautious about keeping his or her identity private, and reasons behind the decision to sell now aren’t clear. The Farbsteins told Mansion Global that cryptocurrency, once again, is being accepted as payment.
South Florida’s red-hot market market, which has seen values spike by as much as 30 percent in the past year, could also be a factor.
Along with a 2,960-square-foot wraparound terrace, the penthouse features an open floor plan, full-length windows, 10-foot-high ceilings and a wine bar. The Arte Surfside building, which was completed by Sapir and Fasciano in 2020, includes outdoor and indoor pools, a rooftop tennis court, climate-controlled parking and direct access.
“When you enter the lower penthouse you feel like you are floating on the ocean,” Farbstein said. “You also have approximately 3,000 square feet of wraparound terrace, which no other unit has in the building.”