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Entrepreneur Adam Arviv pays $8M for Palazzo Della Luna unit
Deal equates $2,045 per sf
UPDATED, SEPT. 27, 9:30 a.m.: Entrepreneur and investor Adam Arviv and his wife, Ashley Arviv, are the latest resident in the nation’s wealthiest ZIP code of Fisher Island, after buying a Palazzo Della Luna unit for $7.5 million.
Heinrich Von Hanau, who developed the two Palazzo condominiums on the northeast portion of the island, sold unit 6841 to Arviv, according to public records.
Palazzo Della Luna, developed in 2019, is just north of its sister condominium of Palazzo Del Sol, developed in 2016.
The Arvivs’ three-bedroom condo spans 3,667 square feet, property records show. They paid $2,045 per square foot.
Adam Arviv – whose mother is South Florida philanthropist Kathryn Chesler – has ventures in the restaurant and gaming industries, among others. He is the CEO of publicly traded Bragg Gaming.
In 2015, he went into a venture that opened the Japanese-inspired Kasa Moto restaurant in Yorkville, Toronto, according to an Arviv family history website. Arviv partnered with Toronto businessman Mark Silver and the Kimel family, who run Chase Hospitality Group, on the restaurant.
Arviv is also a co-founder of Green Growth Brands, along with partners Joseph Schottenstein and Peter Horvath. The Schottenstein family founded retailers DSW, American Eagle Outfitters and Value City Furniture, among others.
Ashley Arviv is the daughter of Happy Alter, owner and chief executive of Bob’s Barricades.
The Palazzo condos have commanded top-dollar sales in South Florida, as Fisher Island for years has been a magnet for celebrities and famous athletes. It reportedly ranks as the richest ZIP code in the country. In some of the biggest recent deals, former Australian Open champion Caroline Wozniacki and ex-New York Knick David Lee paid $18.7 million in May for a Palazzo Del Sol unit.
In June, retired stockbroker Lucille Zanghi and her husband, James Dow, bought a Palazzo Della Luna unit for $10.7 million.
Other condo buildings on Fisher Island also have attracted well-heeled buyers. Recently, Wackenhut security heir Janice Wackenhut flipped her Bayview Fisher Island penthouse for $6 million more than her purchase price a year ago. She sold it for $21.2 million in August, after paying $15 million for it last year.