Brazilian mogul buys Oceana Bal Harbour condo for $8M

November 8, 2019

Élvio Gurgel Rocha, director at Guararapes-Riachuelo, the biggest fashion group in Brazil and the parent company of the retail chain Lojas Riachuelo, is a new resident at Oceana Bal Harbour. He bought a three-bedroom, 3,992-square-foot unit for $8.15 million, which represents $2,041 per square foot.

The former owner, as property records show, is Marc Farbstein, CEO of Hollywood-based Premium Digital Control & Automation. He paid $10.11 million for the condo in 2017, meaning he sold it for 20% less than what he paid. Lincoln Capital Investments LLC, tied to Gurgel Rocha, is the buyer, according to a source.

The apartment is decorator-ready: while the kitchen and bathrooms are installed, the unit doesn’t have flooring, window treatments, and closets yet. The residence features a wraparound terrace, a gourmet kitchen, floor-to-ceiling windows, and access to Oceana’s 5-star amenities.

Recently BRG Homes released its Limited Edition Residences at Oceana Bal Harbour, allowing clients to buy a ready to live unit for less. “We have achieved with this unique partnership something that can represent hundreds of thousands of dollars more in apartment improvements at no additional cost to the customer,” said Matias Alem, CEO of BRG Homes.

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