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

Miami /
Jan.January 05, 2017 12:50 PM

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 Realtor.com. 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.


Related Articles

arrow_forward_ios
BH3 co-founders Daniel Lebensohn and Greg Freedman (BH3, iStock)
Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
North Delray Commons at 455 & 555 Northeast 5th Avenue in Delray Beach (Photos via Google Maps)
Benderson buys Publix-anchored Delray Beach shopping center for $9M
Benderson buys Publix-anchored Delray Beach shopping center for $9M
U.S. Construction CEO John Farina and a rendering of 1625 South Ocean Boulevard
U.S. Construction moves forward with boutique condo development in Delray Beach
U.S. Construction moves forward with boutique condo development in Delray Beach
344 North Ocean Boulevard with Kevin James (Getty, Elliman)
“King of Queens” actor Kevin James returns to Delray Beach with $14M mansion buy
“King of Queens” actor Kevin James returns to Delray Beach with $14M mansion buy
Matthew Sodl and 800 Seagate Drive, Delray Beach (Google Maps)
Investment banker drops $5M on Delray Beach spec home
Investment banker drops $5M on Delray Beach spec home
President and CEO at Caron Treatment Centers Doug Tieman with the units. (Google Maps, LinkedIn via Doug Tieman)
Addiction treatment center operator pays $12M for Delray Beach apartments
Addiction treatment center operator pays $12M for Delray Beach apartments
Laurent Morali and Charles Kushner (iStock)
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Rendering of The Linton and Craig Menin
Menin Development wins initial approval for redevelopment of Delray Beach shopping center
Menin Development wins initial approval for redevelopment of Delray Beach shopping center
arrow_forward_ios

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

Loading...