Nation’s richest ZIP code received a $2M PPP loan. Now its HOA is deciding whether to accept it

Fisher Island (Credit: Fisher Island)

Fisher Island (Credit: Fisher Island)

Fisher Island’s homeowners’ association was approved to receive a $2 million loan through the federal government’s Paycheck Protection Program, and now the association is asking its residents whether it should accept the funds.

The $349 billion PPP program was created by Congress to help small businesses, providing loans of up to $10 million to cover rent, mortgage interest, utilities and payroll. It’s unclear how the Fisher Island association would use the $2 million, if it accepts it.

Fisher Island, the nation’s wealthiest ZIP code, recently made headlines when it purchased 1,800 rapid Covid-19 blood test kits for all its residents and workers, spending $30,600 at a time when testing is limited, according to the Miami Herald.

The exclusive island can only be reached by ferry, boat or helicopter.

The island’s homeowners’ association, which oversees about 20 smaller associations, is meeting Friday at 5 p.m. to review feedback from its residents about accepting the $2 million loan, the Miami Herald reported.

Real estate companies received about 3 percent of the $342 billion in loans approved through the federal program, according to figures released last week by the U.S. Small Business Administration. [Miami Herald]Katherine Kallergis

Russian composer sells Fisher Island condo

Igor Krutoy (Credit: Виктория Тихонова) and Oceanside Residences unit 7471
Vladimir Putin and Igor Krutoy at an awards ceremony (Credit: Пресс-служба Президента России)
Russian composer Igor Krutoy is saying “dasvidaniya” to his Fisher Island condo.
Property records show Krutoy and his wife, Olga, sold unit 7471 at Oceanside Residences on the ritzy island for $7.5 million. Krutoy is a Ukranian-born Russian music composer, performer, producer and promoter. In 2011, he paid $48 million for a condo at the Plaza Hotel, then an all-time record for New York condo sales.
The five-bedroom, 4,932-square-foot unit was listed for $8.9 million, which means it sold for a roughly 15 percent discount. It has views of the ocean, beach and skyline and features Italian marble floors, a gourmet kitchen and a master suite with a terrace, according to the listing. Lana Bell of One Sotheby’s International Realty represented the seller.
The couple paid $3.35 million for the condo in 2002, the year it was completed. They signed the latest deed transfer of ownership in Moscow and list a Manhattan address.
Records show the buyer is 7471 Fisher Island Dr 2017 Revocable Trust. More information on the trust is not available online.
The island, reached only by ferry, boat or helicopter, features such amenities as two marinas, 18 tennis courts, a golf course, eight dining establishments and a mile-long private beach. Membership to the Fisher Island Club, required with a condo purchase, is $250,000 for an equity membership with fees of $2,000 per month. Fisher Island’s common areas also recently underwent $60 million in renovations.

Source: The Real Deal Miami