arts
Faena Residences developers presell $30M penthouse for record price along Miami River
By Katherine Kallergis at The Real Deal
· July 16, 2026
· 1 min read
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 in
Key takeaway In 2022, Karmely brought on Defortuna’s Fortune International Group as a partner.
Why this matters in The Miami
The record-breaking presale of the Faena Residences penthouse along the Miami River signals a new benchmark for luxury development in the area. As the city continues to attract high-end buyers, this sale demonstrates the growing appeal of Miami's waterfront properties. The project's location on the Miami River also underscores the ongoing revitalization of the riverfront, with developers like Shahab Karmely and Edgardo Defortuna investing in high-profile projects. The Faena Residences, designed by renowned architect Rafael Viñoly, will likely become a prominent fixture in the city's skyline, joining other iconic buildings in neighborhoods like Brickell and Miami Beach. As Miami's luxury market continues to evolve, it will be worth watching how this project and others like it adapt to the city's unique challenges, such as sea-level rise and flooding risks, while catering to the demands of affluent buyers.
About this story
Original reporting by The Real Deal . The Miami surfaces reporting from trusted publishers and adds local editorial context so readers can quickly understand what a story means for their community. We attribute every source, link to the original report, and follow a documented editorial standards policy. To understand how stories are selected and reviewed, read our about page .
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Category: arts ·
Published: July 16, 2026 ·
Source: The Real Deal ·
Reading time: 1 min
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Frequently asked about this story
What is this story about? 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 in
When was this published? This article was first published on July 16, 2026 by The Real Deal and curated for The Miami readers.
Who reported this story? This story was reported by Katherine Kallergis at The Real Deal. To learn more about how The Miami selects and reviews stories, see our editorial standards .
Where can I find related coverage? See more arts coverage from The Miami, or browse our daily briefing and topic hubs .
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