Chicago developer sells Palm Beach PH

James Loewenberg, co-CEO of Magellan Development Group, sold the Dunster House unit for $3,120 psf

May.May 03, 2019 03:30 PM
Developer James Loewenberg and Dunster House Condo's

Developer James Loewenberg and Dunster House condos

A prominent Chicago developer sold a penthouse in the waterfront Dunster House for $7.8 million in one of the most expensive condo sales ever in Palm Beach.

James Loewenberg sold the 2,500-square-foot waterfront condo, unit 0051, at 360 South Ocean Boulevard for $3,120 per square foot. The buyer is the trustee of the Jay Family Spray Trust, records show.

The six-story, 15-unit Dunster House is one of the highest-priced condo developments in Palm Beach. All of the units feature floor-to-ceiling glass windows and have two or three bedrooms. The development was built in 1978.

The penthouse has three bedrooms and three-and-a-half bathrooms. It was last purchased by Loewenberg for $4.9 million in 2013, records show. The property is within walking distance to Worth Avenue, the main shopping corridor of Palm Beach.

Loewenberg is a developer, architect and co-CEO of Magellan Development Group. He has overseen the development and design of more than 35,000 residential units and 3,500 single-family homes during his career, according to the company’s website.

In the 1980s, he designed and developed the apartment buildings Ontario Place, One East Delaware Place and One Superior Place in Chicago. In the early 2000s, he developed the The Park Millennium, Grand Plaza and State Place.

He is also co-developing the 28-acre Lakeshore East with his partner Joel Carlins. The $4 billion development will include 4,950 residences, 2.2 million square feet of commercial space, 1,500 hotel rooms, a six-acre public park and an elementary school, according to the company’s website.

Palm Beach is known for its high-end homes, but has fewer high-priced condo developments. A new condo-retail project co-owned by The Breakers and The Frisbie Group now called Via Flagler by The Breakers recently sold two condos for a combined price of $20 million.

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