A billion dollars reserved before the public launch says something about global capital and branded condos. And about when the best inventory is really gone.
Nobu Residences launched sales in Brickell with more than $1 billion already reserved before the public launch. Developers 13th Floor Investments and Key International are behind the 75-story, 296-unit tower at 619 Brickell Avenue, designed by Foster + Partners, with One Sotheby's handling sales.
Units run from 1,160 to 5,500 square feet, priced from $3 million to $60 million-plus for penthouses, averaging $2,500 to $2,700 per square foot. The amenities budget is $25 million and includes five pools, padel courts and a resident-only Nobu cafe. The developers acquired the church site for roughly $240 million, as first reported by The Real Deal.
“The buyers are very rational. I do think they can detect the difference between substantive quality product.”— Arnaud Karsenti, 13th Floor Investments
My read: a billion dollars reserved before a public launch is a statement about global capital, not just one building. Branded residences with real design pedigree are where international money wants to be right now, and Brickell is the address. Karsenti's point about rational buyers is the tell: this demand is discriminating, not frothy. It is flowing to quality.
For international and out-of-state buyers, the lesson is timing. By the time a tower like this launches publicly, the best inventory and pricing are already spoken for through relationships. The billion dollars was reserved before the doors opened. If you want in on the next one at that stage, you need access before the launch, not after.
The best pre-construction pricing is gone before launch day. I will get you first look at the next Nobu.
See early access →Cover photography: Creative Commons / public domain — photo credits.
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