The Real Deal Miami

SBA Communications founder sells Delray home to billionaire’s daughter for $7M

Bernsteins split property and sold the tennis court lot next door for $3M in November
By Katherine Kallergis | January 05, 2017 12:50PM

1020 Seasage Drive and listing agent Pascal Liguori

The founder and chairman of SBA Communications Steven E. Bernstein and his wife Janessa Russo Bernstein sold their Delray Beach home to the daughter of Cablevision founder Alan Gerry for $7.175 million.

Records show the Bernsteins sold the beachfront home at 1020 Seasage Drive to REG Realty Holdings LLC, an entity controlled by Robyn Gerry of the family’s Granite Associates. Alan Gerry, whose net worth is pegged at $1.4 billion, sold his company Cablevision Industries to Time Warner Inc. in 1995 for a whopping $2.8 billion. According to a 2006 article in the New York Times, he runs Granite Associates, a Naples-based firm that manages the family’s assets.

The Delray Beach property is a 7,015-square-foot home with five bedrooms, seven bathrooms and 94 feet of frontage on the Intracoastal Waterway. Pascal Ligouri of Premier Estate Properties represented the sellers, and Engel & Volkers Delray Beach represented the buyer, according to Liguori is active in Delray Beach, where he recently brokered one of the top residential sales of 2016 in South Florida.

The house was part of a bigger property, which the Bernsteins split in two about a year ago. Liguori brokered the sale of the other parcel, a tennis court/development site, in November for $2.9 million. The buyer was Miami City Self Storage developer Stephen Garchik. Liguori told The Real Deal that the house was “extremely well built and maintained by the owner meticulously.”

Built in 2006, the latest property features a resort-style pool and spa, summer kitchen, travertine marble motor court and tropical landscaping.

Bernstein’s SBA Communications, based in Boca Raton, owns and operations wireless infrastructure, including small cells, antenna systems and traditional cell sites for mobile carriers and broadband provides in the North and Latin America. The publicly traded company’s stock was trading at nearly $104 per share on Thursday afternoon.