Mortgage firm pays $17M for entire West Palm condo building
NewDay USA pays $17M for entire condo building near its downtown West Palm HQ
Mortgage lender NewDay USA doubled down on its commitment to West Palm Beach, buying an entire boutique condo building near its second headquarters.
An entity tied to NewDay USA, which is based in Fulton, Maryland, bought the newly built waterfront Crystal condo at 3611 South Flagler Drive. The seller is Coordinates Solutions LLC, managed by Nicole Carapazza and Cody Alfrey, according to records.
Christopher Leavitt and Ashley McIntosh of The Leavitt-McIntosh team at Douglas Elliman represented the seller and buyer. Simon Banke of JLL handled some advisory work for the buyer.
The seven-story, six-unit condominium was completed in 2021 on 0.4 acres, according to Realtor.com.
Last year, NewDay USA, led by CEO Rob Posner, leased 50,000 square feet of office space at Related Companies’ newly built 360 Rosemary office tower. NewDay, which focuses on mortgage lending to veterans, said in its March 2021 announcement of the deal that its downtown West Palm office would create 600 jobs and would open in the fall of 2021.
NewDay could not be reached for comment on its plan for the Crystal units, but the purchase fits into the larger trend of company expansions to South Florida, accompanied by executives’ purchase of homes here.
In 2020, Posner, NewDay’s CEO, and his wife, Zina, bought a Palm Beach oceanfront mansion for $19.8 million from rockstar Jon Bon Jovi.
Stephen Ross, founder and chairman of Related Companies, also owns a Palm Beach home, and became the biggest Class A office space owner in downtown West Palm last year after several high-profile purchases.