Miami's Paramount Bay Condo Tower Enjoys $260 Million in Transactions in 2012; Lenny Kravitz Designs Aid in Sales

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(Miami, FL) - In another sign of the times in Miami's brisk real estate market, Paramount Bay, the residential condo tower located in the burgeoning Biscayne Corridor announced that it has sold over 90 percent of the building's entire portfolio. With limited inventory left (28 unites) and with a record breaking influx of local and domestic buyers that the building has experienced over the past few months, Paramount Bay is expected to sell out within the first quarter of 2013.

iStar Residential, one of Paramount Bay's owners, has continually demonstrated its commitment to the property's success by hiring Kravitz Design Inc. to create an outstanding visual concept for the building and commissioning Fortune International to spearhead its strategic sales and marketing plans at the onset of this venture. As a result of their investment in the Downtown Miami tower, Paramount Bay has attracted buyers from both domestic and international markets since it launched sales in October 2011, successfully registering more than USD $260 million in sales to date, with additional transactions currently in progress.

"My vision for Paramount Bay is one that integrates the natural beauty and energy of Miami into a look that is as functional as it is inspirational," said Lenny Kravitz of Kravitz Design Inc. "Life within the walls of Paramount Bay should be a blend of urban chic and waterfront living. Every corner, space and turn is strategically envisioned to emphasize this."

Over 50 percent of all purchases originated from the US, specifically from within Florida which accounts for a third of all sales to date; followed by New York, New Jersey, Texas and Connecticut. On an international level, Latin Americans comprise one third of all owners in the building, with most sales stemming from Venezuela, followed by Brazil, Argentina, and Mexico.

"We have been very successful over the past year, registering continual milestones from the moment we commenced this residential venture," said Anthony Burns, Senior Vice President of iStar Financial. "We are proud to have created such an exceptional property that has attracted the most discerning buyers and contributes to the personality of the flourishing Biscayne Corridor area."

"Paramount Bay is an exclusive building located within a unique and budding neighborhood that has attracted a variety of homebuyers worldwide, and we have been very excited with the sales goals we have accomplished," said Edgardo Defortuna, President of Fortune International.

Paramount Bay penthouses unique layouts have been a popular product - with only three of the eleven remaining on the market- fashioned with top of the line finishes and spacious terraces starting at 691 square feet. Remaining units at Paramount Bay start at USD$3.7 million for penthouses, USD$720,000 for waterfront two bedroom units, USD$770,000 for furnished waterfront one bedroom unit models, and USD$459,900 for townhomes.