Luxury brokerage Bespoke Real Estate is expanding in South Florida with a new office in Miami Beach.
The company, one of the top firms in the Hamptons, inked a lease for space at 119 Washington Avenue, as it plans to capitalize on the migration of ultra high-net worth individuals into South Florida, said Cody Vichinsky, co-founder and president of Bespoke, in an interview with The Real Deal.
The firm is also ramping up in Miami with two exclusive listings, for nearly $50 million and $45 million, at Echo Brickell, a luxury condo tower developed by Property Markets Group.
Bespoke’s new office on Washington Avenue is at the Yukon, which hit the market last year for $45 million. For Bespoke’s five-year lease, Cyril Bijaoui of The Company Real Estate represented the landlord, Yantra 119 LLC, which is led by Giulio Rangoni and Cinzia Zanella. Stefano Santoro of Current Real Estate Advisors represented Bespoke. The brokerage is paying $90 per square foot, blended, for a 2,300-square-foot space, Santoro said. That includes 1,700 square feet indoors and 600 square feet of outdoor space.
Vichinsky said Bespoke’s marketing entity had been active in South Florida for several years, but that the company “made a hard shift over the past year” to expand in the Miami area. Vichinsky and his brother Zach co-founded Bespoke in 2014 and focus only on $10 million and up properties. The company has been collecting data on wealth migration to South Florida for years, Cody Vichinsky said.
“We just felt that it was the right time for us to be able to enter the market in a meaningful way,” he added.
The firm is active in Connecticut, Manhattan, the Gold Coast and the Caribbean. Bespoke differs from other brokerages in that it does not have independent agents, said Vichinsky, comparing it to an investment bank. Bespoke’s nearly 50 employees work under a salaried model.
Ultra wealthy executives and celebrities have increasingly been buying luxury homes in Miami Beach, Indian Creek, Palm Beach and other high-end enclaves of South Florida, especially throughout the pandemic.
Single-family home sales in Miami Beach and the barrier islands, including Bal Harbour, Bay Harbor Islands, Fisher Island, Golden Beach, Indian Creek, Key Biscayne, North Bay Village, Sunny Isles Beach and Surfside, surged in the fourth quarter by a whopping 195 percent, according to Douglas Elliman.
Executives are also moving their companies or opening outposts in the region, propelled by the work from home movement and favorable tax environment.
Last year, investment management firm J. Goldman & Co. signed a lease expansion at the Yukon for $92 per square foot, reportedly a record for South Florida.