$13.4 Million Triplex Sets a Real Estate Record in San Juan, Puerto Rico

This new and fully designed luxurious triplex penthouse in San Juan, Puerto Rico, has shattered records with a sale price of $13.4 million, marking a new pinnacle in the city's high-end real estate market.

The Pinnacle Building property, located in the upscale Condado neighborhood, boasts sweeping 360-degree views, bespoke design elements, and some of the most exclusive amenities on the island.

This sale is not only a milestone for Puerto Rico luxury real estate but also highlights the growing appeal of San Juan and Condado for discerning buyers.

Puerto Rico’s real estate market has been steadily gaining traction, particularly in the luxury sector. Traditionally, the island’s elite properties were clustered in gated communities like Dorado Beach, but this sale underscores the rising appeal of more urban locations like Condado.

The penthouse sits atop the 18-story Peninsula condo building on Ashford Avenue, overlooking Condado Lagoon, and offers more than 9,400 square feet of indoor living space, paired with an impressive 3,000 square feet of outdoor terraces.

According to Oriana Juvelier of Puerto Rico Sotheby’s International Realty, who represented both the seller and buyer in the transaction,

The triplex, purchased by Rob Hirt, CEO of Mortgage Bank LendUS (LendUs is now CrossCountry Mortgage, LLC. NMLS3029), for $7.2 million in 2020, has seen an astonishing 86% price increase over four years.

The penthouse’s high price-per-square-foot sets a new standard for luxury real estate on the island. Hirt, who relocated to Puerto Rico shortly after his purchase, spent two years curating a fully bespoke interior for the space.

Working with Miami-based design teams and local Puerto Rican designer Fernando Rodriguez, the home was transformed from a blank concrete canvas into a custom-built marvel.

Hirt’s vision resulted in stunning features, including Italian kitchens, single-cut limestone stairs, and blond herringbone floors. One of the standout elements is the $1 million sound system, built directly into the drywall, utilizing advanced noise-canceling and leveling technologies, making the speakers invisible yet delivering impeccable sound throughout the space.

The penthouse offers outdoor living on a grand scale, with two rooftop terraces featuring exceptional amenities. One terrace includes a pergola-shaded area complete with a full outdoor kitchen, a wood-burning pizza oven, and a bar, perfect for entertaining in style.

The second terrace is home to a zero-edge pool, providing a resort-like experience with panoramic views of the bay, ocean, and San Juan’s historic district. For those who appreciate both ocean and aviation, the property offers views of a nearby marina and private airport. “You can watch the planes and boats take off,” Juvelier noted, adding to the sense of a lifestyle-oriented property.

While Dorado Beach continues to attract most high-tier luxury home buyers in Puerto Rico, the sale of this property demonstrates the increasing allure of the Condado neighborhood for those seeking a blend of urban living and coastal luxury. Condado, a vibrant enclave in the heart of San Juan, offers proximity to fine dining, luxury shopping, and cultural attractions, all while maintaining a laid-back beachside ambiance.

Adding to this appeal, Puerto Rico has been drawing in U.S. mainland buyers with its attractive tax incentives under Acts 20 and 22, designed to foster economic growth by encouraging entrepreneurs and investors to relocate to the island. This influx of new residents has fueled demand for luxury properties, particularly in high-end developments like the Peninsula.

While the seller, Rob Hirt, is well-known for his leadership at LendUS and his previous luxury real estate ventures, the buyer has yet to be revealed. The mystery buyer's purchase of this iconic property adds an element of intrigue to an already record-breaking sale.

As the luxury market in Puerto Rico continues to rise, we can expect to see more headline-grabbing sales and unique properties coming to market. With its blend of Caribbean charm, U.S. ties, and growing urban appeal, San Juan—and Condado in particular—are poised for continued growth in the world of high-end real estate.

Images accredited to: frodriguezstudio.com

sothebysrealty.com/oriana-juvelier

linkedin.com/company/lendusfamily/

Mark Derho is a seasoned expert in the Internet industry with over 25 years of experience in NYC's software development, digital marketing, and advertising sectors. A certified Google Partner, Mark specializes in content creation, AI chatbot development, open-source software, modern website design, and SEO/SEM marketing. He leads PR Website Agency and lives in Puerto Rico with his dog, Luno.