Developer Todd Michael Glaser flipped a commercial lot in Palm Beach to the Palm Beach Jewish Center.
Glaser’s 204 RPW Partners LLC sold the quarter-acre lot at 204 Royal Palm Way for $5.2 million, eight months after paying about $3.9 million for the property. That’s a 35 percent increase in price since January.
Glaser planned to build a Class A office building for a family office on the property, but said he ended up selling it because land prices have surged in recent months. He plans to oversee construction and development of a day school and synagogue for the Jewish Center, donating his time.
Glaser has been busy in Palm Beach. He and partners Jim Randall, Scott Robins and Jonathan Fryd paid about $85 million in July for a small island in Palm Beach called Tarpon Island. They plan to list it for a reported $120 million as is, with the option to expand the estate for $200 million.
He is also planning to redevelop the former Jeffrey Epstein property on El Brillo Way.
In July, Glaser, along with Randall, Robins and Fryd, paid close to $24 million for the former Indian Creek home of longtime “Sábado Gigante” host Don Francisco.