Crestron CEO to pay $7.6M for Delray Beach condo

His purchase is expected to set a city record at over $2,000 PSF

Miami /
Apr.April 28, 2020 05:45 PM
Randy Klein and Ocean Delray (Credit: LinkedIn)

Randy Klein and Ocean Delray (Credit: LinkedIn, ArX Solutions)

The CEO of Crestron, the automation company that makes everything from smart lighting controls to audio and video technology and motorized shades, is buying a luxury condo in Delray Beach.

Randy Klein, president and CEO of Crestron Electronics, is under contract to pay $7.6 million for a unit at Ocean Delray, a boutique condo project under construction. When it closes, the sale is expected to mark a record for Delray Beach at more than $2,000 per square foot, according to a press release. The deal went under contract in April, during the pandemic.

National Realty Investment Advisors and U.S. Construction are developing the 19-unit building at 1901 South Ocean Boulevard. Units range from 3,373 square feet to more than 4,400 square feet, with three to five bedrooms each, and terraces ranging from 682 square feet to more than 2,600 square feet.

Klein’s unit will have 3,721 square feet of indoor space with a 682-square-foot covered terrace, three bedrooms, a den and five-and-a-half bathrooms. It will also have a three-car air-conditioned garage. He and his wife are based in New York and will use the condo as a second home, according to the release.

The three-story development, to be built on a 1.8-acre property, will feature over 200 feet of ocean frontage, a pool and cabanas. Randall Stofft is the architect.

The Delray Beach City Commission granted final site-plan approval for Ocean Delray last year.

New Jersey-based NRIA acquired the site, previously home to the Wright by the Sea Hotel, in 2018 for $25 million.

IMI Worldwide Properties, the exclusive sales and marketing firm for the project, has presold 45 percent of the units for a total of $53 million. It’s expected to be completed next year.


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