Porsche Design Tower PH owner Terry Taylor wants to flip smaller unit for $7.3M

Porsche Design Tower PH owner Terry Taylor wants to flip smaller unit for $7.3M

Thursday, July 6, 2017

Porsche Design Tower and unit 3203

After paying $25 million for a Porsche Design Tower penthouse, car dealer Terry Taylor wants to flip his smaller unit at the new Sunny Isles Beach condominium for $7.3 million.

The asking price for unit 3203 is 46 percent more than the $5 million he paid for the condo in December. The new price for the 3,171-square unit at 18555 Collins Avenue equates to $2,302 per square foot.

Taylor, the president of Daytona Beach-based Automotive Management Services, is among the largest, if not the largest, holder of Nissan and Infiniti dealerships in the country with at least 140 new-vehicle dealerships, Automotive News reported more than a year ago. The publication has grouped the megadealer with industry titans like Rick Hendrick, Rick Case and Alan Potamkin, calling Taylor a “stealth giant in auto retail.”

In April, Taylor purchased the four-story penthouse at Dezer Development’s newly completed tower through TT of Sunny Isles LLC. The 9,560-square-foot unit sold for $2,615 per square foot. Taylor used the same entity to purchase the smaller condo.

The 60-story Porsche Design Tower’s units are centered around the “Dezervator” that takes residents up to units in their cars. The penthouse includes the standard two two-car garages found in other Porshe Design units, plus a seven-car gallery that can also house a living room, bar and billiard table. It has five bedrooms, an office, family room, flex room, two private pools, two outdoor kitchens, two balconies, a terrace and a rooftop. In total, it has nearly 20,000 square feet.

Taylor’s agent on the penthouse, Dan Goodstadt of Douglas Elliman told The Real Deal in April that Taylor planned to flip the smaller condo. It just hit the market on Wednesday.

Property records have revealed the identities of buyers at Porsche Design, including Mexican billionaire Carlos Peralta Quintero. Dezer has estimated the tower’s sellout at $840 million. He said last year that he plans to launch another car-branded condo tower soon.


Source: The Real Deal