JLL Partners founder buys two vacant lots in Palm Beach for $11M
Palm Beach’s high-end residential market has not slowed during the pandemic
The founder of New York private equity firm JLL Partners bought two vacant lots in Palm Beach for $10.8 million.
Paul Levy and his wife Karen purchased the 0.4-acre vacant lot at 233 Tangier Avenue from Houston Financial Investments LLC for $5.67 million, records show. The couple also bought the 0.4-acre lot next door at 225 Tangier Avenue from ILLKM PB LLC, tied to Jeff Weiner, the CEO of accounting firm Marcum LLP, for $5.15 million, records show.
The buyer and seller were represented by Christian Angle, according to Realtor.com.
The lot at 225 Tangier Avenue was last purchased for $3.7 million in 2014, records show, while the lot at 233 Tangier Avenue was last bought for $2.85 million in April 2009.
Paul Levy founded JLL Partners in 1988 and serves on the management committee. Previously, he was a managing director at Drexel Burnham Lambert, where he was responsible for the firm’s restructuring and exchange offer business in New York.
Palm Beach’s high-end market has not slowed down during the coronavirus pandemic. In May, luxury homebuilder Mark Pulte sold a lakefront estate at 446 North Lake Way for $33.2 million. Also last month, the trust of the late business mogul Morton Mandel sold his Palm Beach estate at 1063 North Ocean Boulevard for $25.4 million.