Frisbies sell Palm Beach Billionaires’ Row spec townhouse for $28M

Newly built townhouse was previously available to rent for $195K per month

Frisbie Group's Rick Frisbie with 460 S Ocean (Frisbie Group, Corcoran)
Frisbie Group's Rick Frisbie with 460 S Ocean (Frisbie Group, Corcoran)

The Frisbies sold a spec townhouse on the former site of Charley’s Crab restaurant on Billionaires’ Row in Palm Beach to a trust for $27.8 million.

Property records show an entity managed by David, Robert and Katie Frisbie and Cody Crowell sold townhome unit 2 at 460 South Ocean Boulevard to a trust managed by New York attorney Paul R. Comeau.

The buyer took out a $19.3 million mortgage from New York City-based JPMorgan Chase, records show.

The sellers lead Palm Beach-based Frisbie Group, a private real estate investment firm. David, Rick, Robert Frisbie Sr. and Suzanne T. Frisbie founded the company. Katie Frisbie Crowell and her husband, Cody Crowell, help manage the firm, according to the company’s website.

The 8,804-square-foot townhouse was completed last year, records show. It has five bedrooms, seven bathrooms and one-half bathroom, according to a previous Corcoran listing. It was available to rent for $195,000 per month before it was sold, said Suzanne Frisbie, who is also an agent with Corcoran.

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The deal closed off-market, according to Realtor.com. The property last sold in 2018 for $26.3 million, records show. The Frisbie Group knocked down the iconic Charley’s Crab restaurant and built the five-unit project, according to Suzanne Frisbie. It is one of several of the Frisbie Group’s developments.

Palm Beach, like much of South Florida, has experienced a boom in luxury sales during the pandemic, as high-income buyers flock to the area.

Earlier this month, a non-waterfront Palm Beach spec mansion, also on Billionaires’ Row sold for $48.5 million.

Last month, a Pennsylvania buyer paid $17.8 million for a townhouse, and a Jordanian princess sold a waterfront home for $45.4 million to a Delaware company.