Boston real estate chief sells non-waterfront Palm Beach lot for $10M

The founder and chairman of a Boston-based real estate firm sold a non-waterfront lot in Palm Beach that comes with approved plans for a 6,900-square-foot house.

The sale price of $10.3 million marks a near doubling in value in 16 months.

Records show Bruce Percelay sold the land at 210 Palmo Way to a Florida LLC named for the address. Bradley MacPherson, a lawyer in West Palm Beach, signed on behalf of the buyer. The buyer financed the purchase with a $9.4 million mortgage from BMO Harris Bank in Chicago.

Douglas Elliman’s Gary Pohrer (Douglas Elliman)

Gary Pohrer of Douglas Elliman brought the buyer, and Margit Brandt of Premier Estate Properties had the listing.

Premier Estate Properties’ Margit Brandt (Premier Estate Properties)

Percelay is founder and chairman of Mount Vernon Company, a multifamily developer and landlord headquartered in Boston.

Percelay bought the 0.3-acre property for $5.3 million in July of last year, according to property records. He tore down the existing home and commissioned West Palm Beach-based architecture firm Dailey Janssen Architects to design plans for the lot, which were approved this year by the Palm Beach Architectural Commission.

Once completed, the house will span 6,900 square feet, with seven bedrooms, eight bathrooms, and two half-bathrooms, according to the listing. The plans also include a pool.

The property is on the north end of the island. Nearby on Nightingale Trail, Percelay sold a spec house for $16 million in August. The real estate chief bought that property for $4.5 million in March of last year, and completed the nearly 5,400-square-foot, five-bedroom, six-bathroom home over the summer. Nightingale Trail is one of the north end streets that include deeded beach cabana access on the ocean side of the island.

The Palm Beach market is seeing a return to its seasonal shifts after two years of non-stop deals. The traditional busy winter season begins to ramp up in November, and already sales are signaling a continuation of strong prices in the luxury market.

Robert and Susan Burch recently sold their Palm Beach estate after nearly three decades for $24 million. Spec developer Todd Glaser and his investment partners listed the home they’re renovating on Tarpon Island for $218 million last week, after buying the estate for $85 million last year.