WALL STREET JOURNAL: ‘MIAMI BEACH CONDO SOLD AFTER 54% PRICE CUT

February 22, 2009

Miami Beach Condo Sold After 54% Price Cut

What does it take to sell a multimillion dollar condominium in Miami Beach today? A 54% drop from the 2006 listing price, a recent sale suggests.

Last week, Al Berg — who recently sold the company he co-founded, eyewear manufacturer Marchon — paid $8.6 million for an oceanfront penthouse originally listed for $18.5 million in 2006. Brands manufactured by Marchon, bought last year by VSP Vision Care, include Calvin Klein and Fendi. Former radio executive Scott K. Ginsburg sold the 5,700-square-foot condo, which he’d bought for $2.9 million pre-construction. (That excludes what he paid to finish it.)

There’s a 4,600-square-foot rooftop terrace with a private pool, and an outdoor kitchen. The apartment is in the Il Villaggio building, where producer Jerry Bruckheimer also has a unit. Nelson Gonzalez, of Esslinger Wooten Maxwell, had the listing.

Mr. Berg lives in New York state with his wife, Gayle, a psychologist, and will use the condo as a second home.

WALL STREET JOURNAL / PRIVATE PROPERTIES / FEBRUARY 20, 2009

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