New Jersey developer picks up another waterfront site in Palm Beach County

National Realty Investment Advisors paid $7M for a double-lot on Seaspray Avenue

1248 and 1240 Seaspray Avenue with Catherine McGlennon and David Ofstein (Credit: The Keyes Company,
1248 and 1240 Seaspray Avenue with Catherine McGlennon and David Ofstein (Credit: The Keyes Company,

UPDATED October 25th, 2:50 p.m.: Secaucus, New Jersey-based National Realty Investment Advisors just paid $7.05 million for another waterfront development site in Palm Beach County, property records show.

The Delray Beach 38,330-square-foot double-lot at 1248 and 1240 Seaspray Avenue sold for about $180 per square foot. NRIA also took out a $3.9 million mortgage from Miami-based real estate lender BridgeInvest, according to NRIA’s managing director and partner, Coley O’Brien.

Albert Rabil, co-founder and CEO of Los Angeles-based private equity firm, Kayne Anderson Real Estate Advisors, sold the property. His firm manages $24.5 billion worth in capital, according to its website.

Records show Rabil and his wife Tamara Lee paid $2.6 million for the home at 1248 Seaspray Avenue in July 2013 with plans to build a house. The couple bought the adjacent lot for $1.6 million later that year.

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The development site hit the market in May for $9.5 million and sold at a 26 percent discount. Listing agent David Ofstein of the Keyes Company represented the sellers. Catherine A. Mcglennon of Engel & Voelkers Delray Beach represented the buyers.

NRIA, a real estate investment, management and development firm, bought two vacant waterfront lots in Gulf Stream for a total of $13 million last month.

The company could not immediately be reached for comment about its plans for the Delray Beach property.

Correction: A previous version of this story misrepresented the property’s city.