Fortress pays $20M for Tiffany building on Worth Avenue

Tiffany & Co. has been in the building since 1991

TRD MIAMI /
Oct.October 03, 2018 06:00 PM

259 Worth Avenue

Fortress Investment Group just bought a gem on Palm Beach’s Worth Avenue.

A Madden Family Associates partnership sold the Tiffany & Co. building at 259 Worth Avenue to Fortress for $20 million. The 16,374-square-foot building sold for $1,221 per square foot after nearly two years on the market. At the time, the listing agent said the property was expected to sell for $40 million.

Worth Avenue is one of the most expensive retail streets in the United States.

Tiffany, which has been in the building since 1991, is its main tenant and leases 11,081 square feet. The luxury jeweler invested millions into upgrades, including marble floors, steel doors and the Tiffany clock above the entrance. Tiffany also has a flagship store in the Miami Design District.

The building was constructed in 1950 and Madden Family Associates owned it for decades, property records show. The family decided to sell in 2016 because of market conditions and for family planning reasons.

Greg Matus of Franklin Street represented the buyer and seller, according to a press release. Franklin Street’s Lisa Jesmer will provide property management services for the building.


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

2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

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...