A household from New York Metropolis has agreed to pay $47 million for a penthouse on the under-construction St. Regis Residences within the coronary heart of Miami’s Brickell monetary district, the place they may depend billionaire Ken Griffin amongst their neighbors.
The sale worth is among the highest ever recorded for a condominium in Brickell, falling simply wanting the $49.9 million report set in March by a pair of duplex penthouses on the yet-to-be-built Residences at Mandarin Oriental.
Sitting alongside Brickell Avenue overlooking Biscayne Bay, the St. Regis-branded 50-story condominium tower is scheduled for completion on the finish of 2027.
Co-developed by Associated Group and Integral Investments and designed by Robert A.M. Stern Architects, the undertaking options 152 ultraluxury models, with costs beginning above $5 million.
The most recent unit to go below contract—secured by the New York Metropolis consumers planning a transfer to South Florida—is know as The Charles penthouse.
Spanning 10,012 sq. ft and two flooring, the lavish residence boasts 5 bedrooms, seven loos with pure stone showers, a chef’s kitchen with Italian cupboards and customized lighting, two spacious terraces for entertaining, a non-public rooftop pool, a spa, and a summer time kitchen.
World-class facilities
In keeping with the builders, greater than 80% of the St. Regis residences have been bought, bringing in roughly $900 million because the undertaking closes in on a virtually $1 billion sellout.
As soon as full, the rental tower will provide a number of premium facilities, together with a non-public marina, a fine-dining restaurant helmed by a Michelin-starred chef, unique seaside membership entry, a online game room, a golf simulator, a wellness middle with a cold-plunge pool and sauna, Pilates and yoga studios, three varieties of swimming pools, and a sky lounge on the thirty first flooring.
The St. Regis is one in all a number of high-end developements going up within the space to cater to an increasing pool of ultrawealthy consumers, each home and international, drawn to the town’s favorable regulatory and tax local weather
Miami’s luxurious market has been booming, fueled partially by an inflow of high-end consumers fleeing high-tax states—similar to New York, with Mayor Zohran Mamdani‘s controversial pied-à-terre tax focusing on expensive second properties, and California, with its billionaire tax proposals aimed on the richest 1%.
On the finish of final 12 months, Miami dethroned New York Metropolis because the capital of million-dollar listings for the primary time in a sustained approach, earlier than the Large Apple reclaimed the highest spot 4 months later, in April 2026, in accordance with a Realtor.com® luxurious report. Nonetheless, Miami’s run underscores the deepening attain of its luxurious market.
The ‘echo exodus’
In keeping with a newly launched midyear report from Analytics Miami, there have been 21 single-family dwelling gross sales in Miami-Dade County priced at $30 million or larger, greater than double final 12 months’s report.
Complete greenback quantity spent on residential actual property throughout the county reached $13.7 billion between January and June, up 19% 12 months over 12 months.
Ana Bozovic, a Miami-based actual property agent and founder of Analytics Miami, says this development displays what she calls an “echo exodus”—a second wave of wealth migration into South Florida pushed by an more and more divergent state coverage panorama.
“The primary post-COVID migration wave was pushed by uncertainty,” Bozovic tells Realtor.com. “The ‘echo exodus’ is being pushed by certainty. Entrepreneurs and traders more and more have readability on which states align with their long-term priorities.”
The analyst says that this inflow of capital into Florida, which has no state revenue tax, is an instance of entrepreneurship “flowing towards the trail of least resistance.”
“Miami’s luxurious housing market is just recording the shift in financial middle of gravity because it strikes away from Twentieth-century epicenters,” provides Bozovic.
The Ken Griffin impact
Miami’s Brickell neighborhood has emerged because the epicenter of this shift. Nicknamed the “Manhattan of the South,” the world serves because the monetary hub of South Florida, filled with prime funding corporations and company headquarters, gleaming luxurious rental towers, designer shops, and stylish eating places.
Griffin, the billionaire founding father of hedge fund Citadel, has spent years buying land in Brickell and presently controls a full metropolis block alongside Brickell Bay Drive as he lays the groundwork to construct a 54-story international headquarters for his firm.
On the middle of the monetary guru’s Miami portfolio is a 2.5-acre property, which he purchased for $363 million in 2022, the identical 12 months he relocated his enterprise operations from Chicago.
Griffin’s holdings additionally embrace a 22-story condominium, which he reportedly plans to tear down together with close by buildings to make approach for a large live-work complicated, full with 300 residences, a 1,400-unit parking storage, and eating places.
Past Citadel, Brickell is dwelling to the regional places of work of such international powerhouses as Microsoft, Google, and Blackstone.
