Former textile magnate buys unit at the Bristol

A number of buyers are former estate owners in Palm Beach

Miami /
Aug.August 28, 2019 02:30 PM
The Bristol (Credit: Pixabay)

The Bristol (Credit: Pixabay)

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.

They include beauty mogul Sydell Miller, who closed on a full-floor penthouse for $42.6 million in March. Her Palm Beach home is reportedly under contract to sell for more than $110 million.

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.


Related Articles

arrow_forward_ios
Conlon & Co's Sean Conlon with 206 Clematis Street (Loopnet, Conlon)
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
Sean Conlon pays $18M for historic apartment and retail building in downtown West Palm
LBCW Investments' Clay Hamlin III with 1100 25th Street and 1426 Skees Road (Loopnet, LBCW)
Industrial play: Alliance HP trades one West Palm complex for another
Industrial play: Alliance HP trades one West Palm complex for another
Pantzer's Jason and Jordan Pantzer with The District Flats apartment complex at 1701 Clare Avenue (Pantzer Properties, Google Maps)
Pantzer pays $78M for West Palm Beach apartment complex
Pantzer pays $78M for West Palm Beach apartment complex
From left: a rendering of the project at 201 Clearwater Drive in West Palm Beach, Starwood Capital CEO Barry Sternlicht, Hyperion Group CEO Rob Vecsler and Winter Properties co-CEO David Winter (Getty, Hyperion, Winter Properties)
Starwood, Hyperion and Winter Properties score $96M construction loan for West Palm mixed-use project
Starwood, Hyperion and Winter Properties score $96M construction loan for West Palm mixed-use project
BGI Companies' Kenneth Baboun, a rendering of Alba Palm Beach and Trez Capital's Ben Jacobson 
BGI scores $82M construction loan for luxury condo project in West Palm Beach
BGI scores $82M construction loan for luxury condo project in West Palm Beach
Jorge Pérez vs Stephen and Louise Kornfeld with a rendering of Icon Marina Village (Related Group, Getty, Wikipedia)
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
Related Group allegedly jilted investors in waterfront West Palm resi project: lawsuit
 Hines' Jeffrey Hines and Robert A.M. Stern with West Palm Beach ( The Boundary with Noë & Associates, iStock)
Hines, Frisbie launch two-tower luxury condo development in West Palm Beach
Hines, Frisbie launch two-tower luxury condo development in West Palm Beach
Current Capital Management’s Todd Nepola and the shopping centers at 2845 North Military Trail in West Palm Beach and 6651 Lake Worth Road in Lake Worth (Todd Nepola)
Todd Nepola buys a pair of Palm Beach County shopping centers for $13M
Todd Nepola buys a pair of Palm Beach County shopping centers for $13M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...