Former textile magnate buys unit at the Bristol
A number of buyers are former estate owners in Palm Beach
A former Massachusetts textile magnate bought a unit at the Bristol in West Palm Beach for $5.2 million.
The development group, led by Al Adelson and Gene Golub, sold unit 903 to Paula and Richard VanDernoot The 25-story, 69-unit tower, at 1100 South Flagler Drive, has units ranging from 3,600 square feet to 14,000 square feet, priced from about $5 million to more than $40 million.
VanDernoot was the chairman and the chief executive of two textile manufacturing companies: Starensier Incorporated based in Newburyport, Mass., and Cosmo Hong Kong Limited in Hong Kong, according to the New York Times.
Flagler Investors completed the building, which marks the first new condo building in West Palm Beach in over a decade. Douglas Elliman handled sales and marketing of the units.
Former estate owners in Palm Beach who are looking to downsize or wanted to live in a condo purchased a majority of the units, the developer previously said.
Real estate developer Stuart Bernstein and Washington, D.C. parking garage mogul Irwin Edlavitch also purchased units at the Bristol.
Flagler Investors financed construction of the building with a $206 million loan from the Blackstone Group. Solomon Cordwell Buenz and Revuelta Architecture International are the architects for the project.