The Real Deal Miami

Dizengoff flips Palm Beach units to Jeff Greene affiliate for $13 million

Onetime Senate candidate continues Palm Beach buying spree
By Alexander Britell | September 10, 2012 05:00PM

2560 South Ocean in Palm Beach

A group of 71 units at the 2560 South Ocean apartment building in Palm Beach has been sold to a company affiliated with developer Jeff Greene for $12.78 million, according to a deed filed last week in Palm Beach County Circuit Court, the latest in a series of properties Greene has purchased in the area. 

The buyer was listed as 2560 S. Ocean, a limited liability company based in Palm Beach. Edward Leevan is listed as the LLC’s managing member. The address for 2560 South Ocean is listed as 95 North County Road in Palm Beach.

That address is the historic Palm Beach post office, which Greene, a onetime Senate candidate, purchased in February 2011. It is also the office of Greene’s Florida Sunshine Investments.

The aforementioned Leevan is a co-manager in 2842 S. Ocean, a limited liability company through which Greene purchased the Omphoy Ocean Resort in Palm Beach in May.

The seller was Israel-based Dizengoff, which paid $6.9 million for the remaining 65 units at the building from MCNA Properties in a bulk deal at the end of 2010. That bulk buy represented an $11 million discount off the property’s mortgage.

The 2010 purchase was made through a limited liability company called Dizengoff-Palm Beach. Dizengoff has since purchased several more units in the building.

The property has a total of 94 units.