The Real Deal Miami

Developer pays $8.4M for Highland Beach waterfront manse

10,500 sf home traded for about $455 psf
By Amanda Rabines | March 02, 2018 10:30AM

2474 South Ocean Boulevard and Richard Chaifetz (Credit: Google and Wikipedia)

Real estate developer Stephen Garchik and his wife, Marla, just purchased a Highland Beach mansion from investor and entrepreneur Richard Chaifetz, property records show.

The roughly 10,500-square-foot home at 2474 South Ocean Boulevard traded hands for $8.4 million, or about $800 per square foot. Palm Beach records show Chaifetz bought the property in 2000 for $7 million.

The Chicago-based businessman is the founder and CEO of ComPsych Corp., which provides employee assistance programs. He also runs an investment management firm in his name and is a licensed neuropsychologist.

The two-story, seven-bedroom house sits on a little more than half-an-acre. Records show it was built in 1959, and features an infinity pool and 200 feet of water frontage.

Stephen Garchik is president of SJM Partners. The company specializes in developing and managing commercial and residential projects throughout the eastern region of the United States, according to its website.

Records show the Garchiks also own residential properties in Boca Raton and Delray Beach. Chaifetz also owns a 31,790-square-foot mansion in Delray Beach, which he bought in 2016 for $34 million.

Last year, another waterfont home in Highland Beach sold to real estate investors Sam and Margaret Marrazzo for $5.6 million.