Washington, D.C. real estate developer picks up unit at The Bristol

Stuart Bernstein is the chairman emeritus of Bernstein Companies

Jul.July 23, 2019 12:30 PM
The Bristol and Stuart Bernstein

The Bristol and Stuart Bernstein

For the second time in a month, a prominent Washington, D.C. businessman bought a unit at the Bristol in West Palm Beach.

Real estate developer Stuart Bernstein and his wife Wilma paid $5.3 million for unit 803 at the luxury condo development at 1100 South Flagler Drive. They bought it from the development group Flagler Investors, records show.

Stuart Bernstein is the chairman emeritus of Bernstein Companies, a prominent development firm in the Washington D.C. area. The firm’s projects include the Marriott International Headquarters in Bethesda, Maryland, and 301 M Street, a new luxury apartment in Washington, D.C. Bernstein also served as U.S. ambassador to Denmark from 2001 to 2005.

Also this week, Carol and Robert A. Garvy bought unit 1901 for $11.8 million. Robert Garvy was the founder of the West Palm Beach-based quantitative investment management firm INTECH Investment Management LLC.

In late June, Washington, D.C. parking garage mogul Irwin Edlavitch and his wife paid $5.6 million for unit 1203 for a unit at The Bristol.

The 25-story, 69-unit tower’s units range from 3,600 square feet to 14,000 square feet, priced from about $5 million to more than $40 million.

The Bristol is the first new luxury condo to be built in West Palm Beach in over a decade. Flagler Investors is led by Al Adelson and Gene Golub.

Adelson previously told The Real Deal that the luxury condo is nearly sold out, except for two units that it will sell at a later date. A large portion of the sales have come from former estate owners in Palm Beach who were looking to downsize or wanted to move into a condo, according to Adelson.

Buyers at the Bristol include beauty mogul Sydell Miller, who closed on a full-floor penthouse for $42.6 million in March.

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