American Eagle Outfitters CEO Jay Schottenstein and his wife, Jean Schottenstein, are putting their oceanfront penthouse in Key Biscayne, Fla., on the market for $33.9 million. If the unit fetches its asking price, it would set a condo-sale record for the Miami-area barrier island, according to listing agent Ohad Fisherman of the Fisherman Group.
The Schottensteins purchased two penthouse units at the Ritz-Carlton Key Biscayne, one for $5 million in 2006 and the second for an undisclosed amount in 2017, property records show. The couple spent about five years combining the two units into a roughly 10,420-square-foot residence with another 3,200 square feet of outdoor space, said Fisherman, who is marketing the property with Brigitte Nachtigall of ONE Sotheby’s International Realty.
The Schottensteins declined to comment. Jay Schottenstein is a member of a prominent Ohio-based family whose holdings include American Eagle Outfitters, Value City Furniture and Designer Brands, owner of the DSW Designer Shoe Warehouse chain. In addition to being CEO of American Eagle, he serves as executive chairman of the Designer Brands board.
The combined penthouse has four bedrooms, two private elevator landings, two offices, a gym and a wine-storage room, Fisherman said. The unit has views of the Miami skyline, Atlantic Ocean and Biscayne Bay, according to Fisherman. There are detailed mosaics in several powder rooms and a mural-sized mosaic in the living room, he said. Two smaller units for staff, six storage rooms and five parking spaces are included in the offering. Residences at the Ritz have access to the hotel’s golf course, tennis courts, restaurant and private beach.
The home was the Schottensteins’ primary residence, according to Fisherman, who declined to say why they are selling. They also own property in Miami Beach, property records show.
The Schottenstein residence will be the most expensive condo listing in Key Biscayne, which has limited inventory, Fisherman said. A penthouse nearby sold for $15 million several years ago, “but it was pre-Covid,” he said. “It’s a different market.”
Key Biscayne tends to attract people who want to live outside the hustle and bustle of downtown Miami, Fisherman said. Over the past couple of years, that has included hedge-funders and others relocating to South Florida.
Since Covid, Miami’s luxury market has skyrocketed. In Key Biscayne, the average home sale price in October was $1.5 million, according to Zillow. A waterfront house there recently sold for $24.5 million, records show.
