By Darrell Hofheinz, Palm Beach Daily News
A prolific real estate developer and investor who has bought, renovated, built and sold Palm Beach residential properties has just parted with a North End house he developed on speculation with a luxury homebuilder at 216 Southland Road.
Lee Fensterstock sold the five-bedroom house as manager of 216 Southland LLC, a Florida limited liability company that held a 60% interest in the property, according to the deed recorded April 25. The remaining 40% was owned by Miraflor Apartments LLC, a Florida entity controlled by homebuilder Mark Albright and Stephanie Albright of Lantana, business records show.
Mark Albright was the contractor for the two-story house, which was built by his Lantana-based family company, Albright Construction. The house was completed in 2024.
A trust named after the property’s address was on the buyer’s side, with Palm Beach real estate attorney Guy Rabideau acting as trustee. Because of strict privacy rules governing trusts, no other information about anyone else connected to the trust was immediately available in public records.
The house has 6,558 of living space, inside and out, and stands on a lot measuring a little more than a quarter of an acre. The lot lies a third of a mile south of the Palm Beach Country Club and is the third property west of the Atlantic Ocean.
The Corcoran Group handled both sides of the sale, with agent Shelly Newman acting on behalf of the buyer.
Listing agents Paulette Koch and Dana Koch had been marketing the house with a price of $14.895 million since early February, the multiple listing service shows. They originally listed the property in March 2023 at just under $17 million but it underwent three price reductions before it found a buyer.
Dana Koch, Newman and Rabideau declined to discuss the transaction. Koch also declined comment on behalf of his clients.
Fensterstock and Mark Albright signed the deed to sell the house. Fensterstock signed as the manager of 216 South LLC, while the document identified Albright as an “authorized member” of Miraflor Apartments LLC.
The sellers bought the property in April 2022 for a recorded $7.2 million, property records show. They knocked down an outdated house on the property to make way for the new residence, which was designed in a modified Monterey style by Michael Perry of MP Design & Architecture, records show.
With a white-brick exterior and a barrel-tile roof, the house has a second-floor veranda — a hallmark of the Monterey style.
The “free-flowing floorplan” includes a two-story foyer with black-and-white marble floors, the sales listing said. Other rooms have hardwood floors. The listing also mentioned the first-floor primary bedroom suite, which overlooks the pool patio. The amenity list also included a poolside loggia, an elevator, an eat-in kitchen and a two-car garage.
In the 2022 sale, Paulette Koch and Dana Koch acted for the buyers. Douglas Elliman agents Cara Coniglio McCure and Lisa Wilkinson acted on behalf of seller Byron L. Ramsing Jr.
During his career, Fensterstock has worked in the financial and investments industry, including running his own company, Fensterstock Management LLC, according to a brief online biographical sketch. Fensterstock Management invests in the financial services industry. He is a former member of the board of trustees at George Washington University in Washington, D.C.
Fensterstock and his wife, Ann, have for years owned a North End house at 259 Merrain Road, which is presently under contract after being listed for $17.9 million. The couple has bought a home in West Palm Beach, the developer previously told the Palm Beach Daily News.
Lee Fensterstock has bought, renovated, built and sold a number of Palm Beach houses. Agents Paulette Koch and her son have been his longtime real estate agents and represented him in several recent real estate transactions on the island. Those sales included a March deal in which he sold his ownership interest in an in-construction house at 264 Dunbar Road in March for $14.34 million, a transaction that included the house plans.
Last December, Fensterstock sold an Estate Section house he built on spec at 130 Algoma Road near President Donald Trump’s Mar-a-Lago Club. With five bedrooms and 7,312 total square feet, that house changed hands for a recorded $14.3 million. The buyer on Algoma Road was represented by agent Elizabeth “Missy” Savage of Brown Harris Stevens, the MLS shows.
Fensterstock has one other listing in the Palm Beach Board of Realtors MLS — a renovated five-bedroom house at 125 Via Vizcaya Road in the Estate Section priced at $14.995 million. That house has 5,013 total square feet.
Two other Fensterstock real estate projects sold last year on the North End. One was a new five-bedroom house with 5,500 total square feet at 240 Mockingbird Trail, which changed hands in August for a recorded $16.9 million. Broker Christian Angle of Christian Angle Real Estate handled the buyer’s side of the deal on Mockingbird Trail.
About a year ago, Fensterstock sold, for a recorded $13.15 million, a 1990s-era investment house he renovated at 233 Miraflores Drive. Douglas Elliman agent Spencer Schlager negotiated for the buyer of that four-bedroom, 4,486-square-foot house.