UPDATED, June 28, 5:55 p.m.: Developer Todd Michael Glaser and his partners aim to flip the luxury condo atop the Tiffany & Co. building on Worth Avenue in Palm Beach in a blue-ribbon deal.
Property records show 415 Hibiscus LLC, managed by Mark Mashburn, paid $15.5 million for the Tiffany building condo at the corner of Hibiscus Avenue and Worth Avenue. The seller, FRO II 259 Worth Owner LLC, is an affiliate of Fortress Investment Group, Hyde Retail Partners and Kean Development.
Fortress partnered with Hyde Retail Partners and Kean Development to renovate the condo, ultimately selling it with an unfinished interior and a completed roof with a pool, bar and views of Worth Avenue.
Glaser and his partners plan to complete the interior renovation of the 10,000-square-foot, five-bedroom, seven-bathroom condo and put it back on the market for $40 million by December. At that asking price, Glaser would flip the unit for 158 percent more in just six months.
Glaser’s wife, Kim Aimee Glaser, will be the interior designer for the project.
“It’s a once in a lifetime opportunity to live on Worth Avenue above Tiffany’s,” Glaser said. “If this condo were in New York it would be $100 million.”
Glaser foresees an eclectic buyer for the finished condo, someone who wants something “outside the box.”
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South Florida
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The Closing: Todd Michael Glaser
Glaser is on a hot streak of flipping Palm Beach homes for major markups.
In May, he and his partners renovated and flipped a non-waterfront Palm Beach home for $15.5 million, after buying it for $6.4 million a year earlier. He and his partners also renovated and flipped two Palm Beach properties for a combined $70 million, $20 million more than they paid for them last year.
Glaser has been a prolific South Florida developer, known for projects including buying the late Jeffrey Epstein’s Palm Beach mansion, tearing it down and selling the lot for a hefty profit.
He said he is confident in the Worth Avenue project, and making it to market in time for Christmas. Said Glaser: “We have no concerns.”