Ivy Realty trades boutique Palm Beach offices to NYC investors for $17M

Miami /
May.May 26, 2016 02:15 PM

Investment firm Ivy Realty just made a tidy profit on the $16.75 million sale of a Palm Beach office building it bought out of foreclosure six years ago and renovated.

County records show Ivy, which is based in Greenwich, Connecticut, closed its sale of the offices at 250 Royal Palm Way on Tuesday. The buyer was an affiliate of EPIC, a New York investment firm headed by Steven and Michael Elghanayan.

Built in 1975, 250 Royal Palm Way is three stories tall with 24,000 square feet of office space. It’s occupied by coveted tenants like Northern Trust, a wealth management company that anchors the building, and Deutsche Bank, according to commercial listing website LoopNet.

The building is situated on “Banker’s Row,” a pricey stretch of Palm Beach commercial real estate that makes up one of the country’s most expensive office markets. It’s home to a plethora of major financial institutions who shell out upwards of $50 per square foot annually for the premium locations on Royal Palm Way.

Ivy saw opportunity in the aging building, which was in distress but still boasted a ritzy address. The investment firm swooped in and paid $7 million for the foreclosed building, then put another $3.5 million into redoing the common areas, roof, air-conditioning system elevators and lobby.

Now, EPIC has added it to its repertoire of commercial investments. According to its website, the company’s U.S. portfolio is mostly located in New York, where it owns residential and mixed-use buildings.

The company financed its Royal Palm Way purchase with an $8.375 million from Sun National Bank.


Related Articles

arrow_forward_ios
Diego Colmenero and Charlie Porchetto from Urbanica plan to break ground on Edgewater hotel (Urbanica)

Urbanica completes $9M assemblage for Edgewater hotel

Urbanica completes $9M assemblage for Edgewater hotel
Rendering of the project

Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach

Fort Lauderdale OKs plan for Bahia Cabana Hotel on the beach
Bulgari CEO Jean-Christophe Babin and 100 21st Street, Miami (Bvlgari via Twitter, Getty, iStock)

Bulgari plans first US hotel on oceanfront Miami Beach site

Bulgari plans first US hotel on oceanfront Miami Beach site
HFZ looks to sell Shore Club South Beach hotel

HFZ looks to sell Shore Club South Beach hotel

HFZ looks to sell Shore Club South Beach hotel
Simon and David Reuben with St. Regis Bal Harbour (Getty, Google Maps)

Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour

Reuben Brothers takes over $132M loan backing St. Regis Bal Harbour
Tudor House Art Deco and Essex House hotels (Wikipedia Commons)

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive
Diego Lowenstein, Dayssi Olarte de Kanavos, Paul Kanavos, and Ronny Ben Josef, with The The Sagamore (Credit: The Sagamore Hotel)

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore

Owners of Ritz-Carlton South Beach and Bal Harbour hotels merge with Sagamore
Pharrell, Eric Birnbaum and David Grutman with a rendering of the hotel (Getty, Linkedin, Goodtime Hotel)

Pharrell, David Grutman partner with developer to launch South Beach hotel

Pharrell, David Grutman partner with developer to launch South Beach hotel
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...