New York hedge funder pays $7M for waterfront Boca Raton home

7,560 sf house last sold for $4.7M in 2019

Miami /
Feb.February 25, 2022 01:30 PM

4216 Intracoastal Drive, Highland Beach (Realtor.com)

A New York hedge funder purchased a waterfront Boca Raton home for $7 million.

Property records show Leonard B. Zelin and his wife, Moira S. Zelin, bought the house at 4216 Intracoastal Drive from Adam Buss, as a trustee of the Riverfront Trust.

Zelin is the founder of New York City-based Precision Capital Partners, a hedge fund that invests in U.S. exchange-listed equities and options, according to published reports. Founded in 2004, Precision Capital has $2.2 billion in assets under management, according to its website.

The 7,560-square-foot house was built in 2012 and sits on about a quarter acre. It has five bedrooms, five full bathrooms and one half-bathroom, according to the records. The home last sold in 2019 for $4.7 million.

(Source: Realtor.com)

Candace Friis with the Corcoran Group represented the seller, and Bonnie Heatzig with Douglas Elliman represented the Zelins.

The property was listed for $8.7 million in June, according to Realtor.com.

This is the latest deal in what has been back-to-back record years for sales in Boca Raton, as the luxury market, defined as home sales priced over $1 million, has exploded.

Earlier this month, Margaretha Buerman, the wife of Gunther Buerman, who co-founded American Rock Salt in 1997, bought a waterfront Boca Raton home from a yacht broker for $6.3 million.

In November, luxury homebuilder Morris Flancbaum sold a waterfront Boca Raton mansion for $22 million.

In August, billionaire Mets owner Steven Cohen bought a 31,000-square-foot, seven-bedroom estate for almost $22 million near Boca Raton. It had sold several months earlier for $19 million.

Also in August, professional race car driver, Jason McCarthy, and his wife, Newsha McCarthy, bought an 11,753-square-foot Boca Raton mansion for $19 million.





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