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New Construction Home Nets Highest Non-Waterfront Sale in Morningside

Limestone Asset Management, a real estate investment firm based in Miami, sold the property for $5.5 million.

A new construction, contemporary home at 531 NE 52nd St. in Morningside was recently sold by Limestone Asset Management for $5.5 million. The sale achieved the highest price per square foot for a non-waterfront home in the Morningside community. 

The seller and developer of the home, Limestone Asset Management, were represented by Brandon Brugal and Uccio Zecchini of Miami’s BZG International, a full-service real estate brokerage firm. Anna Gold represented the buyer from the De Leon Group at Compass. This development project is a joint venture between Limestone Asset Management and Tetra Group, an experienced real estate investment firm in Miami.

Located off Biscayne Blouebvard, this two-story home spans over 4,480 square feet and includes six bedrooms, five bathrooms, a beautiful outdoor pool and a one-car garage. The property sits on an 8,363-square-foot lot, steps away from the 42-acre, historically preserved Morningside Park on Biscayne Bay.

The residence, designed by top Miami architecture firm Preschel + Bassan Studio, epitomizes modern elegance with various features. These include top-of-the-line fixtures and finishes such as porcelain stone-walled bathrooms, large format porcelain tiles, custom Italian doors, white oak wood floors and wood tongue and groove ceilings. Other notable features include a nine-foot wooden pivot front door, an open floor plan with a 22-foot living room ceiling that allows natural light to pour in, and an oversized custom Italian kitchen offering a surplus of cabinet and storage space. The kitchen also boasts Wolf gas appliances, a Sub-Zero refrigerator, a chef hood, a double kitchen sink, a wine cooler, and a built-in dining bench for eight. 

“We are thrilled to have sold this stunning, contemporary single-family home that we designed and built from scratch for a record-breaking price in the historic, upscale Morningside neighborhood,” Ibrahim Al-Rashid says, chairman of Limestone Asset Management. “It is the highest sale ever for a non-waterfront home in Morningside, and we know the buyer will be very happy with their new home in the highly sought-after community.”

Limestone Asset Management is a real estate investment firm that acquires and invests in properties across all asset classes throughout North America. In 2022, the company expanded its operations to include a residential development division. The contemporary home, located at 531 NE 52nd St. in Miami, is one of the first two spec homes developed by Limestone Asset Management. The other spec home is located at 510 NE 52nd St. in Miami.

For more information, visit Orionmiami.com/our-affiliates/

Photo Credit: Inflight

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.