Drugstore scion pays $11M for unit at The Bristol

The Applebaum family owned Arbor Drugs, a Troy, Michigan-based drugstore chain that sold for $1.48B in 1998

Miami /
Dec.December 06, 2019 01:30 PM
The Bristol and Pamela Applebaum

The Bristol and Pamela Applebaum

A family tied to one of the country’s largest drugstore chains snagged a unit at The Bristol in West Palm Beach for $11 million, as the condo development nears sellout.

Pamela Applebaum, acting as a trustee of the Eugene Applebaum family trust, purchased unit 2003 at the building. The Applebaum family owned Arbor Drugs, a Troy, Michigan-based drugstore chain that CVS bought for $1.48 billion in 1998.

Before it was sold, Arbor Drugs was the eighth largest drugstore chain in America, according to the Detroit Free Press. The 195-acre Jewish Community Center in West Bloomfield, Michigan bears the family’s name.

Flagler Investors, led by Al Adelson and Gene Golub, developed the The Bristol, a 25-story, 69-unit luxury tower at 1100 South Flagler Drive. Units range from 3,600 square feet to 14,000 square feet.

The project is the first new luxury condo building in West Palm Beach in the past decade. The development group has sold almost all of the units, and was able to attract estate owners in Palm Beach who were looking to downsize, according to Adelson.

Buyers include beauty mogul Sydell Miller, who closed on a full-floor penthouse for $42.6 million in March. Her Palm Beach estate sold this week for $105 million, tying the record for the largest residential sale ever in Palm Beach. In September, Miami developer James Harpel also bought a unit at The Bristol for $7.9 million.


Related Articles

arrow_forward_ios
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
A rendering of the property at 695 South Olive Avenue in West Palm Beach with Electra America Hospitality Group’s Principal and Managing Partner Russ Urban, Korman Communities’ co-CEOs  Larry and Brad Korman and Transwestern Development Company’s CEO Larry Heard (Gio Fausone of Gulfstream Real Estate Advisors, LinkedIn, Korman, Transwestern)
Newly built micro-units in downtown West Palm fetch $84M after converting to hotel
Newly built micro-units in downtown West Palm fetch $84M after converting to hotel
Vanderbilt Office Properties CEO Casey Wold, Quest Workspaces CEO Laura Kozelouzek, and C-III Capital Partners Chairman and CEO Andrew Farkas with Northbridge Centre at 515 North Flagler Drive in West Palm Beach (C-III Capital Partners, Vanderbilt OP, Questworks Spaces)
Lease roundup: Co-working company doubles down on downtown West Palm Beach
Lease roundup: Co-working company doubles down on downtown West Palm Beach
arrow_forward_ios

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

Loading...