Finance boss Steven Hudson bought a flipped Palm Beach townhouse from hedge funder David Malm.
Records show Hudson bought the townhouse at 220 Brazilian Avenue from Malm’s Skyfall I Domestic LLC for $14.4 million. Chris Leavitt of Douglas Elliman represented both the buyer and the seller. He declined to comment on their identities.
Hudson is CEO of ECN Capital, a financial services firm headquartered in Toronto. He is also a frequent investor in Palm Beach real estate. In January, he flipped a townhouse to a hedge funder for $26.7 million, up from the $25.6 million he paid for it the year prior. In 2021, he bought a non-waterfront Palm Beach mansion for $16.3 million, just weeks after selling a unit in the Bristol in West Palm Beach for $6.6 million.
Malm, a managing partner with Waltham, Massachusetts-based hedge fund Webster Equity Partners, also invests in residential real estate. He gained notoriety for building out a portfolio of homes on Martha’s Vineyard and Nantucket in Massachusetts valued at more than $100 million.
He bought the Brazilian Avenue townhouse from billionaire developer Richard Kurtz in January for $12 million. Built last year, the unit spans 4,000 square feet, with four bedrooms and five bathrooms on 0.2 acres, records show. The property also includes a pool, cabana and outdoor kitchen, according to the listing.
Malm quickly put the townhouse back on the market, asking $16.5 million in February, Coldwell Banker Realty’s listing shows. The sale marks a $2.4 million increase in value since Malm’s January purchase.
Leavitt said the deal happened in a matter of days, closing shortly after the buyer flew into town. The new construction and proximity to Worth Avenue appealed to the buyer, he said.
While the luxury real estate market on the island has slowed since its pandemic-fueled frenzy, pricing remains strong, especially for new construction, brokers say. After a slower summer than in recent years, Leavitt is anticipating a busy winter season for Palm Beach.
“I think we’re going to have a banner year,” he said, noting that buyers are getting more comfortable with higher interest rates. “I’ve gotten tons of calls for direct ocean, high ticket value, but there’s nothing available. All of that is a very common, common phone call.”