A family from New York City has agreed to pay $47 million for a penthouse at the under-construction St. Regis Residences in the heart of Miami’s Brickell financial district, where they will count billionaire Ken Griffin among their neighbors.
The sale price is one of the highest ever recorded for a condominium in Brickell, falling just short of the $49.9 million record set in March by a pair of duplex penthouses at the yet-to-be-built Residences at Mandarin Oriental.
Sitting along Brickell Avenue overlooking Biscayne Bay, the St. Regis-branded 50-story condominium tower is scheduled for completion at the end of 2027.
Co-developed by Related Group and Integral Investments and designed by Robert A.M. Stern Architects, the project features 152 ultraluxury units, with prices starting above $5 million.
The latest unit to go under contract—secured by the New York City buyers planning a move to South Florida—is know as The Charles penthouse.
Spanning 10,012 square feet and two floors, the lavish residence boasts five bedrooms, seven bathrooms with natural stone showers, a chef’s kitchen with Italian cabinets and custom lighting, two spacious terraces for entertaining, a private rooftop pool, a spa, and a summer kitchen.
World-class amenities
According to the developers, more than 80% of the St. Regis residences have been sold, bringing in approximately $900 million as the project closes in on a nearly $1 billion sellout.
Once complete, the condo tower will offer a host of premium amenities, including a private marina, a fine-dining restaurant helmed by a Michelin-starred chef, exclusive beach club access, a video game room, a golf simulator, a wellness center with a cold-plunge pool and sauna, Pilates and yoga studios, three types of pools, and a sky lounge on the 31st floor.
The St. Regis is one of several high-end developements going up in the area to cater to an expanding pool of ultrawealthy buyers, both domestic and foreign, drawn to the city’s favorable regulatory and tax climate
Miami’s luxury market has been booming, fueled in part by an influx of high-end shoppers fleeing high-tax states—such as New York, with Mayor Zohran Mamdani‘s controversial pied-à-terre tax targeting pricey second homes, and California, with its billionaire tax proposals aimed at the richest 1%.
At the end of last year, Miami dethroned New York City as the capital of million-dollar listings for the first time in a sustained way, before the Big Apple reclaimed the top spot four months later, in April 2026, according to a Realtor.com® luxury report. Still, Miami’s run underscores the deepening reach of its luxury market.
The ‘echo exodus’
According to a newly released midyear report from Analytics Miami, there were 21 single-family home sales in Miami-Dade County priced at $30 million or higher, more than double last year’s record.
Total dollar volume spent on residential real estate within the county reached $13.7 billion between January and June, up 19% year over year.
Ana Bozovic, a Miami-based real estate agent and founder of Analytics Miami, says this trend reflects what she calls an “echo exodus”—a second wave of wealth migration into South Florida driven by an increasingly divergent state policy landscape.
“The first post-COVID migration wave was driven by uncertainty,” Bozovic tells Realtor.com. “The ‘echo exodus’ is being driven by certainty. Entrepreneurs and investors increasingly have clarity on which states align with their long-term priorities.”
The analyst says that this influx of capital into Florida, which has no state income tax, is an example of entrepreneurship “flowing toward the path of least resistance.”
“Miami’s luxury housing market is simply recording the shift in economic center of gravity as it moves away from 20th-century epicenters,” adds Bozovic.
The Ken Griffin effect
Miami’s Brickell neighborhood has emerged as the epicenter of this shift. Nicknamed the “Manhattan of the South,” the area serves as the financial hub of South Florida, packed with top investment firms and corporate headquarters, gleaming luxury condo towers, designer stores, and trendy restaurants.
Griffin, the billionaire founder of hedge fund Citadel, has spent years acquiring land in Brickell and currently controls a full city block along Brickell Bay Drive as he lays the groundwork to build a 54-story global headquarters for his company.
At the center of the financial guru’s Miami portfolio is a 2.5-acre property, which he bought for $363 million in 2022, the same year he relocated his business operations from Chicago.
Griffin’s holdings also include a 22-story condominium, which he reportedly plans to tear down along with nearby structures to make way for a massive live-work complex, complete with 300 apartments, a 1,400-unit parking garage, and restaurants.
Beyond Citadel, Brickell is home to the regional offices of such global powerhouses as Microsoft, Google, and Blackstone.
