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Grand Lobby at the new homes in Miami at The Ritz-Carlton Residences, Miami Beach

American Eagle Outfitters CEO to buy condo in new Ritz-Carlton Residences, Miami Beach

Jay L. Schottenstein, the CEO of American Eagle Outfitters and a member of one of America’s most wealthy families, signed a $6.77 million deal to build a condo unit in the Ritz Carlton Residences, Miami Beach.

The 111-unit condominium by Lionheart Capital and Elliott Management is currently under construction, with delivery expected by the end of the first quarter. Schottenstein can close on his condo once the building has a temporary certificate of occupancy.

The listing agent for the developer was Darin Tansey of Douglas Elliman. Oren Alexander, also of Douglas Elliman, represented the buyer.

Schottenstein’s new condo will have three bedrooms, 3.5 bathrooms and a den. It totals 4,347 square feet on the interior, with 755 square feet of exterior space.

Pittsburgh-based American Eagle (NYSE: AEO) named Schottenstein CEO in 2015. He was named chairman of the company in 1992 and is currently executive chairman. In 2015, Forbes named the Schottenstein family as one of the wealthiest in America, with a net worth of $2.7 billion. Their family name is on Ohio State University’s basketball arena.

Units in the Ritz-Carlton Residences, Miami Beach are priced from $2 million to over $40 million. Designed by Italian architect Piero Lissoni, the building will have a 36-slip private marina with a house yacht, helipad, fitness center, meditation garden, rooftop pool deck, spa with saunas, waterfront bar, club and social rooms, art studio, cinema, pet grooming and a concierge managed by Ritz-Carlton.