* Tuesday, February 7, 2012 BANK SELLS JENNIFER LOPEZ AND MARC ANTHONY'S CONDO
AT MIAMI ICON BRICKELL
HSBC Bank sold Jennifer Lopez and Marc Anthony's condo
at Miami Icon Brickell, but the couple will continue to lease
the property through October 2013, according to Kevin
Dickenson with Prudential Florida Realty.
J Lo & Marc Anthony
The market has turned a corner in South Florida
Miami, FL (PRWEB) February 07, 2012
In May 2010, HSBC Bank seized control of 1276 condos
at Icon Brickell in Miami from billionaire developer
Jorge Perez. Kevin Dickenson, a Palm Beach Real Estate
broker with Prudential Florida Realty, recently
discovered the deed-in-lieu of foreclosure included
Jennifer Lopez and Marc Anthony’s condo.
Icon Brickell, a magnificent $1.3 billion luxury
waterfront condominium project with 1800 units, was
developed in 2008 by billionaire Jorge Perez of The
Related Group and designed by Phillippe Starck. The
three iconic 57 story towers are located on 10 prime
acres adjacent to Miami Circle, Miami River and
Brickell Park with unsurpassed views of Biscayne Bay.
In the Fall of 2009
, Marc Anthony told PEOPLE
Magazine, “I bought a condo today in
Miami and when we are through decorating the condo,it
will be the sexiest place in town!” There are also
internet blogs claiming the couple purchased 10 or
more condos at Icon Brickell."I discovered that Jennifer Lopez and Marc Anthony
never purchased a condo at Icon because The Related
Group offered them an attractive lease with a
$1,700,000 option to purchase the condo on or before
October 2013, said Dickenson.
It was a brilliant PR
move that put Icon Brickell on everyone’s radar."
In early 2010, prior to Jorge Perez’s deed-in-lieu
of foreclosure, condos were averaging $450 per
square foot at Icon Brickell. An analysis of the
last 56 units sold in 2011 revealed an average sale
price of $463 per square foot. “HSBC bank wasn’t
giving condos away over the past 18 months and the
two towers sold out far quicker than the 3 years
that analysts projected,” said Dickenson.
A third tower at Icon Brickell contains 372 condo/hotel
units, 148 hotel units, EOS restaurant and Club 50.
The tower was sold in a short sale in May 2011 for
$36.5M to Bethesda, MD based real estate investment
trust. The REIT acknowledged the Viceroy Hotel group
would continue to manage the property.The bank held off selling J Lo and Marc Anthony’s
condo until the very end. An undisclosed investor
purchased the condo last week for $1,500,000 or
$431 per square foot and assumed J Lo and Marc
Anthony’s lease. “I think it’s highly unlikely
that the couple will exercise the purchase option
for $1,700,000 if they didn’t buy it today for
If you’re a celebrity looking for
privacy, living in an 1800 unit complex with valet
parking and shared elevators might prove a little
challenging,” said Dickenson.
“The sellout of Icon Brickell is a landmark sale
for Miami and is discussed in the Miami and Fort
Lauderdale Condominium Market Report 2011," said
Dickenson. “Construction cranes are once again
appearing on Miami’s skyline and this is a strong
indicator that the market has turned the corner
in South Florida.”
Kevin Dickenson http://www.kevindickenson.com
realtor who specializes in residential and commercial
real estate from Palm Beach to South Beach. In 2011,
Mr. Dickenson sold over $24 million in real estate.