PMG and Greybrook Launch The Elser Hotel & Residences
Updated: Jul 8, 2022
With unobstructed views of Biscayne Bay and the city skyline, the 49-story project will deliver the only new, fully furnished and move-in-ready residences to Downtown Miami this summer.
National investment and development firm PMG alongside Toronto-based real estate private equity firm Greybrook announce the launch of The Elser Hotel and Residences Miami, a 49-story new construction luxury condominium located at 398 NE 5th St. The newly completed tower offers fully furnished residences, over 19,000 square feet of curated amenities and 5,000 square feet of prime retail space. PMG Residential is the exclusive sales team for the property.
“Downtown Miami is the city’s most desirable location for luxury real estate, resulting in high levels of demand met with record-low inventory,” said Ryan Shear, Managing Partner of PMG. “On the heels of an incredible response to our recent pre-construction developments, Waldorf Astoria Residences Miami and E11EVEN Hotel & Residences, PMG continues to meet the demands of Miami’s evolving real estate market by now delivering a new, move-in-ready luxury residential tower to the heart of Downtown with The Elser Hotel & Residences.” Contributing to its growth, Miami has also experienced a flurry of notable corporate relocations from prominent financial institutions over the past two years including Citadel, Blackstone and Thoma Bravo, among others.
Boasting sweeping views of Biscayne Bay and the Miami skyline, The Elser Hotel & Residences Miami is designed by Sieger Suarez Architects with interior architecture and design by Cotofana Designs. The fully-furnished residences range from studios to three-bedrooms spanning 404 to 1307 square feet. Managed by industry-leading management company Highgate, the property will allow owners to enter a short-term rental program with daily rental options through The Elser Hotel & Residences Owners Program.
“With historically low resale inventories and long lead times for new projects under development to be completed, we are very excited to be launching The Elser Hotel and Residences Miami, together with PMG, in order to capture the strong demand for move-in ready residences in the Downtown Miami market,” said Peter Politis, CEO of Greybrook Realty Partners. “The short-term rental optionality available to owners, coupled with the high caliber of finishes and offerings, will continue to serve the city as it experiences a population, tourism and corporate relocation boom.”
Amenities at The Elser Hotel and Residences include a double-level amenity deck spanning over 19,000 square feet which overlooks Downtown Miami and Biscayne Bay, a 132-foot resort-style pool with private lounge areas and a 16-foot poolside screening LED wall. Additional amenities include co-working spaces, oversized modern gyms and fitness studios with frequent group classes, multiple lounges, smart package lockers, bike storage facilities, and a yoga lawn overlooking Biscayne Bay, among others. The property will include a new lobby cocktail bar and restaurant by the creators of Jaguar Sun as well as a coffee lounge by Cafe Domino.
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Founded in 1991 by Kevin Maloney, Property Markets Group (PMG) has gone from a local real estate operator based in New York City to a national investment, development, and asset management firm focused on large scale multi-family and for-sale condominium product, as well as select high-performing commercial holdings.
Today PMG is run by Managing Partners Ryan Shear and Dan Kaplan, currently operating projects across Florida, New York, Colorado, Arizona, Tennessee, and Georgia. Their vertically integrated team has departments specializing in acquisitions and land use, design and architecture, construction management, capital markets, asset management, sales and marketing, as well as significant in-house legal and accounting capabilities.
PMG’s current multi-billion dollar nationwide portfolio includes assets across pre-development, construction, lease-up, and sell out, totaling more than 8,500 residential units and over 16 million square feet of development. Notable rental projects under the Society Living brand platform include locations in Denver, Nashville, Atlanta, Brooklyn, Orlando, Fort Lauderdale and Miami. Notable current condominium projects include 111 West 57th Street in New York City, both E11EVEN Hotel & Residences and Waldorf Astoria Hotel & Residences in Miami, Sage Longboat Key Residences and One Park Sarasota on Florida’s west coast. Additionally, PMG is growing its Affordable Housing division nationally. For more information, propertymg.com.
Greybrook is a leading Toronto-based real estate private equity firm focused on investments in residential development and value-add assets. The firm offers investors the unique opportunity to partner with leading North American real estate developers and share in value creation activities. Greybrook, through its affiliates, has invested over $1.8 billion of equity in more than 90 real estate projects across Canada and the United States. In aggregate, its real estate investment portfolio is expected to result in the development of over 50 million square feet of residential and commercial density, with an estimated completion value of $20 billion.
To learn more about these fully-furnished, move-in ready Miami luxury apartments, please contact us. 305-744-5842