THE REAL DEAL. Brokers, developers rally to capture Formula 1 buyers during first Miami Grand Prix
May 9, 2022Developer Gil Dezer said he sold a $6M unit at the race
From left: Edgardo Defortuna, Stephen Ross and Gil Dezer (The Related Companies, Fortune International Group, Dezer Development, iStock)
For Miami real estate players, the Formula One Miami Grand Prix turned into a rally to court wealthy jet-setters and sell properties.
At a Bentley Residences event headlined by retired F1 champion Emerson Fittipaldi last week, a buyer signed a $15 million contract for a combined unit at the planned oceanfront tower in Sunny Isles Beach. And at the race on Sunday, developer Gil Dezer secured another buyer for a $6.3 million condo at the car-branded project.
Michael Stern, Ari Pearl and Gil Dezer
Aside from the excitement of the race, some are comparing the economic impact of the F1 Grand Prix to Art Basel Miami Beach, as it’s resulting in more business for brokerages and developers who sponsored events and hosted parties. Billionaire developer and Related Companies Chairman Stephen Ross hosted the race at his Hard Rock Stadium complex in Miami Gardens after securing a 10-year deal with the F1 organization last year.
Miriam Ungar, Alon Alexander, Ari Pearl
