Todd Glaser venture sells Palm Beach spec home for $9M
The group built a second spec home next door, listed for $15M
Todd Michael Glaser and three high-profile partners sold a newly built luxury spec home in Palm Beach for $9.41 million.
Alexandra Murphy, a scion of the family that founded Cumberland Farms, bought the Mediterranean-style house at 113 Atlantic Avenue, Glaser said. The five-bedroom, 6,415-square-foot home on a 14,000-square-foot lot was on the market for $11.9 million.
Suzanne Frisbie of Premier Estate Properties had the listing. Crista Ryan with Tina Fanjul Associates brought the buyer.
Glaser, a Miami Beach and Palm Beach spec home developer, along with partners Philip Levine, Scott Robins and Jonathan Fryd, paid $9 million for the 33,000-square-foot site at 111 Atlantic Avenue in October 2018. They planned to spend $7 million to split the lot and build two houses, Glaser said at the time.
The other house, a 7,900-square-foot, seven-bedroom Art Deco-style home on a 19,000-square-foot lot, is on the market with Frisbie for $14.9 million, Glaser said.
Architect Rafael Portuondo — who has designed several homes in Palm Beach, including Bon Jovi’s house nearby — designed the two houses. The property is on a quiet street that only runs four blocks.
The project marked the first time Glaser entered into a deal with Levine, the former mayor of Miami Beach and one-time gubernatorial candidate. The other partners have invested together before, largely in Miami Beach.
Glaser said he held a 40 percent interest in the project, while Levine, Robins and Fryd have the remaining 60 percent interest.
Glaser has been an active spec home builder, and partnered with Stuart Miller, Lennar Corp.’s former CEO and current executive chairman, to build a 27,000-square-foot mansion at 22 Star Island, which has a whisper price of $65 million. Glaser also built homes in Miami Beach, and is now building a spec home with Rony Seikaly at 1420 West 23rd Street in Miami Beach, which will be completed in August, and will be on the market for $17.5 million, he said.
Levine, who owns more than $100 million in real estate in Miami, Miami Beach, Okeechobee and New York; and Robins, CEO of the Robins Companies, have been investing together for years. In 2018, they sold a major retail portfolio they developed in Miami Beach’s Sunset Harbour neighborhood for nearly $69 million to Asana Partners, a Charlotte, North Carolina-based real estate investment firm.
Levine and Robins filed plans with the city of Miami in 2018 for a residential and hotel project at 35 Northwest 27th Street in Miami’s Wynwood.
Fryd was a partner with Michael Comras in the $370 million sale in 2015 of an entire block on Miami Beach’s Lincoln Road to Spanish billionaire Amancio Ortega.