Copperline Partners closes on bulk co-op deal in Palm Beach

Lawsuit alleging the developer lied to unit owners was dismissed over the summer

Nov.November 19, 2019 01:30 PM
Ambassador Hotel Cooperative Apartments (Credit: iStock)

Ambassador Hotel Cooperative Apartments (Credit: iStock)

A co-op in Palm Beach sold in a bulk deal for $35 million, and could be redeveloped by its new owner into a luxury hotel.

Copperline Partners purchased 69 of the 97 units at the Ambassador Hotel Cooperative Apartments in Palm Beach at 2730 South Ocean Boulevard. The sale closed in 69 transactions giving Copperline Partners secured a 76 percent ownership in the property.

The deal took about a year to complete and were complicated by a lawsuit filed by the board of the Ambassador Hotel Cooperative Apartments against the developer. The board sued over allegations that the developer, Adam Schlesinger, lied to the unit owners over the building’s physical state. The lawsuit was dismissed in June.

Greenberg Traurig’s West Palm Beach office led by David M. Layman represented Copperline Partners in the transaction.

The oceanfront Ambassador Hotel Cooperative Apartments is made up of two buildings built in the 1940s and 1980s. The buildings could be redeveloped into a luxury hotel, the Palm Beach Post reported in May.

New development opportunities are rare in the tony town of Palm Beach. The town has restrictive covenants on new buildings and there are only a few hotels on the island.

In May, the Palm House Hotel at 160 Royal Palm Way in Palm Beach sold to a U.S. affiliate of the private real estate investment firm London + Regional Properties for $39.6 million.

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