Key Takeaways
- • Marc Rowan, co-founder of Apollo Global Management, sold his One Ocean Miami Beach condo (Unit 701, 1 Collins Avenue) for $6.5 million, realizing approximately $500,000 loss on the four-bedroom, 3,420-square-foot unit purchased at slightly above $7 million when the building completed in 2016.
- • The sale closed at $1,900 per square foot, with buyers Rodolfo Casasola and Jill Marker acquiring the property through Douglas Elliman representation; the transaction demonstrates softer luxury condo pricing in Miami Beach's premium segment despite the development's pedigree.
- • The One Ocean development—a 46-unit luxury project by Related Group founder Jorge Perez and designed by Mexican architect Enrique Norten—has shown mixed performance in the secondary market, contrasting sharply with Perez's simultaneous $20 million penthouse listing in the same building (over 4x his purchase price), which was subsequently delisted.
- • Rowan's net worth stands at approximately $3.2 billion according to Forbes, while Apollo Global Management manages $232 billion in assets, positioning the loss as immaterial to the billionaire's broader portfolio but noteworthy as a real estate market indicator.
Summary
Marc Rowan, co-founder and leader of Apollo Global Management, divested a luxury Miami Beach condominium at a loss, signaling softer conditions in the high-end residential market. Property records show that Rowan's holding company, MCR Holdings LLC, sold Unit 701 at One Ocean (1 Collins Avenue) for $6.5 million to buyers Rodolfo Casasola and Jill Marker. The transaction resulted in an approximately $500,000 loss, as the unit was originally purchased slightly above $7 million upon the building's completion in 2016. The 3,420-square-foot, four-bedroom unit sold at approximately $1,900 per square foot.
The One Ocean development represents a 46-unit luxury residential project developed by Jorge Perez's Related Group and designed by Mexican architect Enrique Norten. The sale juxtaposes starkly with concurrent market activity: Perez himself listed his penthouse in the same building for $20 million—more than quadruple his purchase price—though that unit was subsequently withdrawn from market. This divergence illustrates bifurcated pricing dynamics within the property, where flagship units command premium valuations while secondary units face headwinds.
Rowan, with a net worth of approximately $3.2 billion according to Forbes, represents one of the most prominent figures in alternative asset management. Apollo Global Management, of which Rowan is co-founder, manages $232 billion in assets and stands among the largest private equity firms in the United States. While the $500,000 loss is immaterial relative to Rowan's overall wealth, the transaction provides market participants with data on luxury residential depreciation in Miami Beach's premium beachfront segment. Douglas Elliman's Eloy Carmenate and Mick Duchon represented the seller, while Gary Hennes Realtors' Daniel Falcon and Bernardo Gonsalves represented the buyers.
The One Ocean development represents a 46-unit luxury residential project developed by Jorge Perez's Related Group and designed by Mexican architect Enrique Norten. The sale juxtaposes starkly with concurrent market activity: Perez himself listed his penthouse in the same building for $20 million—more than quadruple his purchase price—though that unit was subsequently withdrawn from market. This divergence illustrates bifurcated pricing dynamics within the property, where flagship units command premium valuations while secondary units face headwinds.
Rowan, with a net worth of approximately $3.2 billion according to Forbes, represents one of the most prominent figures in alternative asset management. Apollo Global Management, of which Rowan is co-founder, manages $232 billion in assets and stands among the largest private equity firms in the United States. While the $500,000 loss is immaterial relative to Rowan's overall wealth, the transaction provides market participants with data on luxury residential depreciation in Miami Beach's premium beachfront segment. Douglas Elliman's Eloy Carmenate and Mick Duchon represented the seller, while Gary Hennes Realtors' Daniel Falcon and Bernardo Gonsalves represented the buyers.
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