New penthouse in Coconut Grove sells for $13M

A buyer from Mexico paid $13 million for a penthouse at the new Grove at Grand Bay condo in Miami's Coconut Grove.

Terra Grove Communities, an affiliate of Miami-based Terra Group, sold the 5,145-square-foot Unit LPH-S to PAE Grove Holdings. The buyer obtained a $7 million loan from HSBC Bank USA. Attorney Oscar I. Alfonso managed PAE Grove Holdings on behalf of an unidentified client from Mexico.

Karen Elmir of the Elmir Group and Cervera Real Estate brokered the deal for the five-bedroom, 8.5-bathroom penthouse on the 21st floor. The price equated to $2,527 per square foot. The unit features private elevators, two staff quarters, open balconies, floor-to-ceiling windows, 12-foor-heigh ceilings and 12-foot-deep terraces.

Located at 2669 South Bayshore Drive, the Grove at Grand Bay was designed by architect Bjarke Ingels. It is one of three condo towers that Terra and Related Group have under development at the site.

"Grove at Grand Bay is the most coveted residential development in the Coconut Grove market right now," said Elmir. "This residence was one of the most exclusive luxury units listed in this area."