NY developer buys Palm Beach home near the Everglades Club

3,930 sf house sold for about $1,653 psf

TRD MIAMI /
Oct.October 02, 2017 02:45 PM

Francesco Galesi and 19 Golfview Road in Palm Beach (Credit: Getty, Redfin)

UPDATED Oct. 3, 10:50 a.m.: Real estate developer Francesco Galesi just paid $6.5 million for a Palm Beach house, property records show.

The 3,930-square-foot home at 19 Golfview Road sold for about $1,653 per square foot. Records show the sellers, Michael Kelly and Edward Kelly Jr., are listed under a trust in Michael Kelly’s name. The sellers bought the house in 2009 for $3.85 million, records show.

Galesi is known for making millions off his real estate empire. His company Schenectady, New York-based Rotterdam Ventures, which operates as Galesi Group, has more than 11 million square feet of industrial, commercial, retail and residential properties, according to its website.

His new Palm Beach home sits on the corner of the Everglades Club golf course. The four-bedroom, three-bathroom, Colonial Revival home was built in 1940 and renovated in 2000, according to Redfin.

Sotheby’s International Realty – Palm Beach Brokerage’s Wally Turner had the listing. Turner declined to comment on the sale. Online listings show the home hit the market in December 2015 for $8.9 million. It last asked $6.9 million, meaning it traded at a 5.7 percent discount.

Galesi also has been active in New York City. Galesi Group has a 99-year ground lease for Harlem River Yards, a 500,000-square-foot industrial complex in the South Bronx, and recently scored a 100 million loan from Bank of America to refinance the six-parcel property.

In the early 2000’s, Galesi became involved in one of the nation’s largest accounting scandals at the time. WorldCom Inc., now MCI Inc., where Galesi served as a director, reportedly inflated its company’s total assets by about $11 billion.

Rotterdam Ventures also operates as a logistics company and an oil and gas company that produces over 11,500 barrels per day, according to its website.


Related Articles

arrow_forward_ios
800 South County Road (Credit: Realtor)

Mizner estate in Palm Beach sells for $24M

Nirka Burns Padilla and Martin Conroy 

Movers & Shakers: Palm Beach broker leaves William Raveis for Douglas Elliman & more

Mark Wilf, and 310 Atlantic Avenue (Credit: Getty Images and Realtor)

Co-owner of Minnesota Vikings sells Palm Beach townhome

Roger Hertog and The Bristol in West Palm Beach (Credit: Getty Images)

Investment honcho pays $14M for condo at The Bristol

225 Indian Road

10th most expensive home sale of the year closes in Palm Beach

Miami (Credit: iStock)

These were the top residential sales in South Florida in 2019

From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

1415 South Ocean Boulevard and Steve Schonfeld (Credit: Google Maps and Getty Images)

Hedge funder, wife drop $105M for Palm Beach estate

arrow_forward_ios
Loading...