Palm Beach Worth Avenue Condo Sets the Record for the Highest Asking

Palm Beach Worth Avenue Condo Sets the Record for the Highest Asking Price

In recent months, residential real estate sales in the Town of Palm Beach have been reaching unprecedented highs. Recently, a North End estate went on the Multiple Listing Service (MLS) and sold for the highest recorded selling price for a single-family home in the Town of Palm Beach. It appears that the Palm Beach condominium market has joined this trend. Recently, a Worth Avenue Condo set the record for the highest asking price in the Town of Palm Beach’s history.

The Penthouse at 259 Worth Ave

There are few brands as recognizable and synonymous with luxury as Tiffany & Co. The building located at 259 Worth Avenue, also known as the Tiffany Building, is the famous jeweler’s Worth Avenue storefront location. The property is also home to one of the Town of Palm Beach’s most desirable condominium properties. The gorgeous, high-end residence sits on the top of the Tiffany Building and was recently listed on the Palm Beach MLS for a record-breaking price of $19.5 million. Here are some of the features that this exclusive property has to offer the right buyer:

The luxury penthouse condo at 259 Worth Avenue is situated atop the iconic Tiffany Building in the center of Worth Avenue. The five-bedroom, spacious property offers 13,000-square feet of living space inside and out, which includes 9,876 square feet of air-conditioned space. There is also a third-level roof terrace with a swimming pool and a glass-enclosed room. The condo also has seven and a half baths and a lush, green grass rooftop roof area.

According to a recent article, when the condo initially went on the MLS about a year ago, the asking price was a then record-setting $17.5 million. Another penthouse soon eclipsed the $17.5 million listing record when a property at Sun & Surf entered the MLS at $18.75.

The property came off the market when the coronavirus pandemic began. During the break, its co-developers continued to perform structural work but left the interior of the property unfinished. According to co-developer John C. Kean of Kean Development Co, they have left the property unfinished so that the buyer may customize the condo to their preferences and needs. Kean recently commented that the developers have already had offers and that he is “very confident we’ll go to contract in the very near future.” He also related plans that “If we don’t sell it by next summer, we’ll finish it (ourselves).”

According to a recent article, Kean is developing the project with Paisley Boner IV of Hyde Retail Partners. The developers purchased the building condo space at 259 Worth Ave in October 2018 for $ 20 million. In December of that same year, Motcomb Estates Limited, a London-based real estate company, purchased the storefronts on the storefront owners’ ground floor.

The condo’s record-setting listing is closely tied with the sale of the Town of Palm Beach’s highest recorded residential property. A fully-furnished speculation mansion at 535 N. Country Road. The N. Country Road property was listed on the MLS in January for $140 million and closed in February for a recorded $122.695 million. According to reports, the sale was the highest in the Town of Palm Beach’s history and the second-highest for a single-family home on record for the United States.

At Rabideau Klein, we have extensive experience handling real estate matters in the Town of Palm Beach and throughout Palm Beach County. David E. Klein, Esq. and Guy Rabideau, Esq. are Florida Bar Board-Certified Real Estate Attorneys with the experience you need to evaluate your Palm Beach County real estate purchase.  Contact Rabideau Klein today to discuss your real estate legal needs.

 

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