Ohio steel family sells South Beach condo for 48% off ask

Posted :
June 2, 2020
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As reported in The Real Deal.

An Ohio family of steel magnates who tried to flip their South Beach condo for a big profit ended up selling it at a loss.

Property records show Majestic Steel Properties Inc. sold unit 1200 at Glass, at 120 Ocean Drive, to Samuel Susi of Boca Raton for $6.75 million.

Majestic Steel, led by Dennis Leebow and his son Matthew Leebow, paid $7.9 million for the three-bedroom, 3,389-square-foot unit in 2015 when the building was completed. The Leebows then tried to sell it in 2017 for $12.9 million.

It sold for 48 percent off the 2017 asking price and for 14 percent less than the Leebows’ purchase price. It most recently was listed for $9 million.

Price cuts are becoming more common during the pandemic as some sellers try to cut short their losses.

The buyer financed his purchase with a $5.4 million loan from Quicken Loans.

The unit features wraparound terraces, Gaggenau kitchen appliances, white oak flooring and custom Ornare closets.