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August 08, 2005

Island in the Stream of Consciousness

We heard The Island sucked, but director Michael Bay's laughing all the way to the $7 million condo he bought in downtown Miami.

Bay will enjoy the good life in his two-level penthouse at Element, the latest building that has yet to go up down there. We hear it's draped in floor-to-ceiling glass walls and offeres 5,000 square feet of living space with four bedrooms and four baths, and a third level rooftop pool. Not too shabby, huh?

New York-based Brack Capital Real Estate is developing Element in Miami, as well as a sister tower in Manhattan¹s Upper West Side later this year. Residences at Element Miami are expected to begin selling early fall with price tags starting at almost $2 million for homes of 2,300 to 5,000 square feet. Construction on Element Miami begins this fall but it hasn't stopped a "huge" director and famous basketball player from an outta town team from buying a place there.