Richard Arnees, the co-founder of AQR Capital Management, a global investment management firm with offices around the world, has sold his South of Fifth penthouse at 321 Ocean for a 15% loss.
The billionaire worth an estimated $1.7 billion bought the property in 2018 when he purchased it for a record-breaking price of $26 million from a Russian venture capitalist. He listed the property for $29.5 million, a 25% discount. The buyer is a private equity executive from the Northeast.
The penthouse is 6,800 sq. ft. and has five bedrooms, 5.5 baths, a private rooftop deck, a fire pit, and a pool.
This sale, and the drastic price reduction, maybe a sign to come with the pandemic. Sellers needing to liquidate real estate properties are very willing to make deals, some large. And with many new buyers coming from the Northeast, Midwest and California escaping high taxes and cold winters and wanting to move to South of Fifth permanently, they will be looking for large condominium residences and deals. This may be the future of real estate in the South of Fifth for a while.
321 Ocean is what luxury is all about. It is two towers, nine stories and five stories, with only 21 residences. There are three or four bedroom units with two penthouses and two two-story beach villas. Ideally located in the heart of South of Fifth and South Beach, this first-class complex has all that you will want and more. It is a picture-perfect place to live.