The Real Deal Miami

United Business Technologies chief sells one of his Palm Beach homes for $9M

The seller just upgraded to a $19M Palm Beach mansion on the water
By Katherine Kallergis | May 05, 2017 11:30AM

120 Everglades Avenue in Palm Beach. Inset: Armen Manoogian

The CEO of United Business Technologies sold one of his Palm Beach homes for $9.39 million, property records show.

Armen A. Manoogian, who heads the independent copier company, sold the non-waterfront house at 120 Everglades Way to a Delaware LLC controlled by Justin W. Freeh of Washington, D.C. The buyer, 120 Everglade LLC, financed the deal with a $10 million mortgage.

Manoogian upgraded to Palm Beach’s waterfront earlier this year, paying $18.7 million for the 8,700-square-foot mansion at 224 South Ocean Boulevard in April. The United Business Technologies chief has also worked at Xerox.

The six-bedroom, 5,500-square-foot home on Everglades Avenue was listed for $10.45 million in January with Christian Angle of Christian Angle Real Estate, according to Redfin. Christine Franks of Wilshire International Realty represented the buyer. It sold for more than $1,700 per square foot.

Built in 1922, the property includes a one-bedroom, one-bathrom guest house. It features ocean views, an elevator, a two-car garage, a basement with a wine cellar, summer kitchen, loggias and a pool. Manoogian paid $6.28 million for the home in 2008, which means it just sold for 37 percent more.

Last month, American Red Cross chair Bonnie McElveen-Hunter sold her Palm Beach town home for a record $6.85 million, or nearly $1,500 per square foot. The non-waterfront house at 230 Brazilian Avenue is about 1.5 miles south of Everglades Avenue.