Nadim Ashi’s Fort Partners has sold two penthouses in the Seaway at the Surf Club development for a combined total of $68.7 million. The deals, completed by business entities tied to billionaire Pablo Legorreta and his wife Alumdena Legorreta, involved units PH-10A and PH-10B at 9149 Collins Avenue in Surfside. PH-10A was sold for $54.9 million, equating to more than $4,300 per square foot for its 12,700 square feet. PH-10B changed hands for $13.8 million, or about $3,800 per square foot across 3,600 square feet.
Records indicate that the buyer financed these purchases with mortgages totaling $40 million from Morgan Stanley Private Bank. Pablo Legorreta is known as the founder of Royalty Pharma and is listed by Forbes with a net worth of $3.6 billion.
The transaction comes shortly after Fort Partners sold another penthouse in the same tower for $86 million—a record-setting condo sale in Miami-Dade County. In comparison, a penthouse at Witkoff Group and Monroe Capital’s under-construction Shore Club in Miami Beach reportedly went into contract last year for $120 million.
These high-value sales are seen as part of an ongoing trend where wealthy individuals are increasingly moving to South Florida, fueling demand in the region’s ultra-luxury real estate market.
The Seaway development was completed last year by Fort Partners and designed by architect Joseph Dirand with landscaping by Peter Wirtz. The complex consists of two oceanfront buildings with a total of 34 units over 11 stories and is adjacent to the Four Seasons Residences at the Surf Club. Residents have access to amenities including a private club, a Thomas Keller restaurant, and four pools.
Seaway began closing units late last year and has attracted several prominent buyers: David Foley from Blackstone purchased unit 702 for $24.5 million; financier Bippy Siegal acquired three condos for $18.5 million; and an entity linked to Frederick Howe bought two condos for a combined $31.1 million.
Fort Partners is continuing development activity nearby with plans for Seaway North at the Surf Club after securing a construction loan of $107.6 million last year.
