Real estate mogul Pat Carney flips waterfront West Palm Beach condo for $10M

Claremont Companies chairman and CEO paid $5M for unit less than a year ago

Miami /
Feb.February 04, 2022 02:30 PM

Claremont Companies’ Pat Carney and One Watermark Place (Claremont Corp, Google Maps)

Claremont Companies chief Pat Carney flipped his condo at One Watermark Place in West Palm Beach for $10.2 million, more than double its purchase price nine months ago.

Records show that William Siegel purchased unit 1003 at the 15-story, waterfront building at 622 North Flagler Drive from Carney, a longtime Palm Beach resident.

Carney is CEO and chairman of Bridgewater, Massachusetts-based Claremont Companies, a privately owned real estate investment, development and asset management firm, according to the company’s website. Carney founded Claremont in 1968 when he started investing in and developing multifamily real estate in the southeastern region of Massachusetts. Claremont expanded into hotels, retail and offices in the 1980s and 1990s.

The four-bedroom, 4,045-square-foot unit offers views east toward the Lake Worth Lagoon and Palm Beach, as well as west toward the mainland, according to Realtor.com. The unit has three and a half baths and offers two parking spaces, as well as two-year seasonal rental of the dock space for an up to 100-foot yacht. Interior features include a fireplace.

The condo sold for $2,522 per square foot.

Carney paid $5 million for the condo in May, property records show. Then he listed it in December for $10.9 million, Realtor.com shows.

James McCann of Premier Estate Properties and Carney’s longtime real estate agent, represented Carney. Sonja Stevens of Sotheby’s International Realty represented the buyer.

Built in 2003, One Watermark Place has 48 units, as well as a pool and gym.

Carney also has built spec homes in Palm Beach County, selling a Manalapan mansion he developed in 2015 for $33 million.

Also in 2015, Carney sold a Palm Beach spec house for $31 million.

In 2017, Carney bought the northern lot at 905 North Ocean Boulevard in Palm Beach for $14.6 million, with plans to build a spec home.





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