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.