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.


Related Articles

arrow_forward_ios
Steven Cohen and the Boca Raton property (Getty, Douglas Elliman)
Billionaire Mets owner Steven Cohen buys South Florida mansion for nearly $22M
Billionaire Mets owner Steven Cohen buys South Florida mansion for nearly $22M
Renderings of 1625 Ocean. (U.S. Construction)
US Construction scores $45M construction loan for Delray Beach condos
US Construction scores $45M construction loan for Delray Beach condos
Randal Perkins and the Delray Beach house (AshBritt, Douglas Elliman via Getty)
AshBritt founder flips oceanfront Delray Beach mansion for $22M
AshBritt founder flips oceanfront Delray Beach mansion for $22M
Alta Congress apartments at 250 Congress Park Road in Delray Beach and Crow Holdings CEO Michael Levy (Alta Congress, Crown Holdings)
Crow Holdings buys Delray Beach apartments for $112M
Crow Holdings buys Delray Beach apartments for $112M
AshBritt's Randal Perkins and 111 South Ocean Boulevard in Delray Beach (Google Maps)
AshBritt founder drops $21M on oceanfront Delray Beach mansion
AshBritt founder drops $21M on oceanfront Delray Beach mansion
The Addison Place shopping plaza at 16850 and 16950 South Jog Road in Delray Beach with Site Centers CEO David Lukes (left) and Richard Caster of Azure Development (LinkedIn, Azure, Google Maps)
Site Centers buys Delray Beach shopping plaza for $40M
Site Centers buys Delray Beach shopping plaza for $40M
Healthpeak Properties CEO Thomas Herzog. (Healthpeak, Sonata)
Fortress buys three Palm Beach County assisted living facilities for $30M
Fortress buys three Palm Beach County assisted living facilities for $30M
Alliance Residential Company CEO Bruce Ward and 6595 Morikami Park Road (Google Maps)
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray Beach
Alliance Residential buys site, scores $46M construction loan for senior apartments in Delray 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...