NRIA CEO sells oceanfront Delray Beach spec home for $16M

Property includes 126 feet of ocean frontage

Miami /
Apr.April 07, 2021 06:00 PM
Rey Grabato and 707 North Ocean Boulevard, Delray Beach (Linkedin, 707 Delray)

Rey Grabato and 707 North Ocean Boulevard, Delray Beach (Linkedin, 707 Delray, iStock)

Rey Grabato, president and CEO of National Realty Investment Advisors, sold an oceanfront spec home in Delray Beach for $16 million.

Records show N. Ocean Capital 707B, a Delaware corporation, sold the house at 707 North Ocean Boulevard to Jak Ftl LLC. The selling entity is managed by NRIA N. Ocean 707 Manager LLC, which is run by Grabato.

Secaucus, New Jersey based NRIA is a real estate investment, management and development firm founded in 2006, according to its website. Its target markets are Philadelphia and Brooklyn, as well as New Jersey and Florida.

Jak Ftl LLC is managed by Jdk Partners Management, a Florida corporation managed, in turn, by attorney James Klotz.

NRIA purchased the property in 2017 for $6.5 million. Property records show NRIA demolished a single-family home on the site in 2018 and began constructing the existing house in 2019. The house, built by NRIA and U.S. Construction, was finished in 2020.

In February, NRIA and U.S. Construction sold a Delray Beach home to actor Kevin James for $14 million.

The recently sold house was listed before completion in 2018 for $10.8 million. The most recent asking price was $16 million in February 2020. Deborah Haines with IMI Resort Properties had the listing.

The 7,490-square-foot house has five bedrooms, six full bathrooms and two half-bathrooms. The home also features four terraces, a three-car garage, a pool and 126 feet of oceanfront, according to the listing.

Among other sales this year in Delray Beach, an investment banker bought a spec home for $5.1 million, and the estate of the late president and CEO of Walmart sold an oceanfront home for $8.4 million.






    Related Articles

    arrow_forward_ios
    Raanan Katz of RK Centers and Best Buy at 1880 Palm Beach Lakes Boulevard in West Palm Beach (RK Centers and Orion Miami)
    Raanan Katz’s RK Centers buys West Palm Best Buy for $12M
    Raanan Katz’s RK Centers buys West Palm Best Buy for $12M
    Todd Glaser with 210 Via Del Mar
    Todd Glaser buys Palm Beach “forever home” for $24M
    Todd Glaser buys Palm Beach “forever home” for $24M
    O. Dean Jernigan and 1325 North Venetian Way, Miami Beach (Google Maps)
    Former self-storage CEO sells Venetian Islands home for $18M
    Former self-storage CEO sells Venetian Islands home for $18M
    (iStock)
    South Florida resi sales, prices jump in the first quarter
    South Florida resi sales, prices jump in the first quarter
    (Photos courtesy of Uptown Boca)
    Amazon Fresh to open 1st Florida store in west Boca Raton
    Amazon Fresh to open 1st Florida store in west Boca Raton
    Gregory L. Clayman and 4750 Sanctuary Lane, Boca Raton (Linkedin, Google Maps)
    Video chat firm president buys waterfront Boca Raton home
    Video chat firm president buys waterfront Boca Raton home
    Christopher Brothers and 441 San Marco Drive in Fort Lauderdale (Maxim Group, Paterson Project Management)
    Owner of real estate brokerage sells waterfront Fort Lauderdale home for $5M
    Owner of real estate brokerage sells waterfront Fort Lauderdale home for $5M
    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
    arrow_forward_ios

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

    Loading...