In less than two weeks since announcing it will be the first new development in Miami to facilitate cryptocurrency transactions, Arte by Antonio Citterio – the most exclusive boutique condominium in Miami’s Surfside neighborhood, developed by Alex Sapir and Giovanni Fasciano – has sold its coveted Lower Penthouse for $22.5 million to a purchaser using cryptocurrency.

The deal represents the viability of cryptocurrency’s decentralized payment system in the U.S. real estate market. Sapir and Fasciano have pioneered this new frontier in residential sales, and expect that other new developments will soon follow in their footsteps.

“There is strong pent-up demand for cryptocurrency transactions that are seamless and secure for both parties, and this deal is a prime example of that,” said Alex Sapir, Chairman of Sapir Corp LTD, whose subsidiary, SC 8955 LLC, developed Arte. “We were overwhelmed by the amount of calls we received from qualified buyers just after announcing our ability to facilitate cryptocurrency transactions for the condominiums at Arte. Real-world crypto transactions haven’t made their way fully into the mainstream yet, so it’s clear that top holders around the world pay attention when new opportunities to transact open up.”

“We are truly making Miami history with this sale, as we were the first new development to facilitate this kind of cryptocurrency transaction, and to do so successfully so quickly after announcing,” said Giovanni Fasciano, Arte’s co-developer. “Cryptocurrency is the future of wealth, and we believe this is only the beginning. Arte has set the precedent for what these sales can look like, and how fast they can take place. We’re proud to have laid the groundwork for this new, burgeoning world.”

The $22.5 million sale has also broken several records as the most expensive price per square foot for a penthouse sold in Surfside, and the second highest in Miami Beach since 2017. It leads the 2021 Miami Beach condominium record for highest price per foot sale at $4,440.50.

The Lower Penthouse comprises the entire ninth floor of the 12-story condominium, offering stunning, 360-degree views of the ocean, shoreline and cityscape. At a sprawling 5,067 square feet, the interior spaces feature four bedrooms, four bathrooms, a powder room, wine tasting bar and massive walk-in closets that are better described as dressing rooms. The home includes a 2,960-square-foot oceanfront, wraparound terrace.

Nestled in Surfside, the seaside enclave between Bal Harbour and Miami Beach, Arte is a boutique, oceanfront development at the center of the city’s most vibrant cultural, culinary and shopping destinations. Featuring a stunning design by Italian master architect Antonio Citterio, the building offers impeccable interiors and finishes, as well as ten-star amenities and service. The development was built to cater to an exclusive selection of buyers who have not found quality design, exclusive privacy or outstanding service anywhere else in Miami.

Arte residents enjoy a robust suite of amenities not found in other Miami luxury condominiums. They include a 75-foot indoor swimming pool, an outdoor swimming pool and beachfront meditation pond, a rooftop tennis court, state-of-the-art fitness center and yoga studio and sauna and steam room. Additional facilities include a children’s playroom with space for remote learning, residents’ lounge, catering kitchen for out-of-home entertaining, and private temperature-controlled parking spaces.

Prices at Arte by Antonio Citterio start at $10.8 million – or the equivalent cryptocurrency rate – and the spacious three- to five-bedroom plus residences range in size from approximately 3,150 to 7,550 square feet. Douglas Elliman Development Marketing is leading sales at the building. Tara West, the sales director at Arte, represented the development in the deal, Ryan and Max Farbstein of Douglas Elliman represented the buyer, and Ryan Phillips of Title Partners of South Florida, Inc. handled the title.

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SOURCE Arte by Antonio Citterio