Faena Residences developers presell $30M penthouse for record price along Miami River

Shahab Karmely and Edgardo Defortuna’s joint venture presold a penthouse at their Faena-branded luxury condo development along the Miami River for $30 million, a record for the area on price as well as price per square foot.  Karmely’s KAR Properties has long planned to develop the waterfront site into the Rafael Viñoly-designed project. In 2022, Karmely brought on Defortuna’s Fortune International Group as a partner. Last year, they launched the Faena Residences.  A mystery buyer is under contract to buy a penthouse in the east tower that will span 8,200 square feet of interior space and also include 7,000 square […]

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