Larry Gagosian, one of the greatest art dealers, has reportedly purchased a condo in the Faena Residence Miami Beach development in Florida.
Luxe Miami Real Estate broke news of the deal. However, the publication did not reveal how much Gargosian paid for it. Not much intel about the deal is available yet.
The Faena Residence Miami Beach development is an 18-story beachfront apartment building designed by starchitects Norman + Foster. It is the first element of the Faena District Project, an upcoming luxury residential, cultural and commercial space at Miami Beach. It is being developed by developer Alan Faena and businessman partner Len Blavatnik.
"It is Alan Faena's 21st Century vision of true indoor/outdoor living-ingeniously designed and engineered, and meticulously constructed to exist in perfect harmony with its ocean front setting. Breakthrough architectural advances allow panoramic views from ocean to bay with glass walls that open extraordinarily wide to virtually eliminate a division between indoors and out making Faena House the perfect condo," the official website states.
Also called the Faena House, this under-construction condominium building offers one to five bedroom-units, fully furnished and laden with the most modern amenities. There are a total of 47 condo apartments in the residential structure with interiors ranging from 1,307 to 4,730 square feet.
What makes these residences unique is their luxurious open floor plan that allows for free outdoor-indoor living. Each condo has a terrace wrapping around itself. Interiors feature floor-to-ceiling glass windows, 10 to 6-feet-high ceilings and either "white Venetian Terrazzo or 8″ Light White Oak" flooring.
Penthouses are also available in the building. It is uncertain if Gargosian purchased a penthouse or a condo unit.
Gargosian is one of the most acclaimed art dealers of the century. With a net worth of about $300 million, he owns eleven art galleries around the world including Paris, Rome, Geneva and Athens. He has three galleries in New York City itself.
More recently, Gargosian Gallery, his art gallery franchise, signed a $25,000 a month, 1000-square-feet retail space lease at 821 Park Avenue. It is set to expire two and a half years from March 25, 2014, reports the Commercial Observer.
"The gallery is a use that is going to elevate the retail space and bring some luxury to the building and the neighborhood," Kelly Gedinsky of Winick Realty Group told the publication.
"The space is pretty clean, it has old characteristic columns and hasn't been utilized for typical retail in a long time," she added.