The Real Deal Miami

NJ luxury homebuilder drops $17M for Boca mansion

Developer Morris Flancbaum will likely redevelop the waterfront site
By Katherine Kallergis | January 04, 2019 02:30PM

250 Northeast Fifth Avenue (Credit: iStock)

Luxury homebuilder Morris Flancbaum and his wife Susan Rizzuto just paid $16.5 million for a waterfront home in Boca Raton that they will likely tear down.

Jorge H. Perez, not to be confused with the Related Group founder and chairman, sold the six-bedroom, 10,538-square-foot mansion at 250 Northeast Fifth Avenue to Flancbaum and Rizzuto.

Flancbaum is president of Colts Neck Associates, a custom homebuilder based in Colts Neck, New Jersey. He built a 127-acre estate that hit the market in 2013 for $35 million, marking the priciest listing in New Jersey that year. The couple still owns that property, records show.

The two-story Boca Raton home, built in 1962, sits on a 1.6-acre lot. It last sold in 2012 for $9.75 million. The listing agent, Jonathan Postma of Coldwell Banker, said the buyer eventually plans to redevelop the property.

Postma, who brokered both sides of the deal, said it marks one of the highest residential sales in Boca Raton and the third property he’s sold for more than $10 million on that street over the past year.

Residential brokerages and developers are now zeroing in on Boca Raton, where new projects are now starting to get completed.