Spencer Schlager and Charles Rosenberg’s CS Ventures bought six Worth Avenue luxury storefronts for $30.3 million.
The investment firm bought the 9,500-square-foot retail building at 243 Worth Avenue from Middleburg, Virginia-based Greenstone Realty Advisors, records show. The building, built in 1925, is center stage on the island’s luxury shopping corridor. Its tenants include Versace, Bottega Veneta, fine jewelry shop Maison Maurice, Poupette St Barth, 55 Croisette and Valentina Kova, Schlager confirmed.
A Greenstone Realty affiliate, led by Andre Kinney, bought the one-story building for $7.1 million in 1997, according to property records.
Schlager and Rosenberg launched CS Ventures in 2017, according to LinkedIn. Schlager relocated to Palm Beach in 2019, and his firm has since spent $146.9 million building out its portfolio of commercial buildings on the island. Its holdings include 324, 340, 350 and 440 Royal Palm Way, 214 Brazilian Avenue, and 375 South County Road, in addition to its latest Worth Avenue acquisition.
CS Ventures also bought 500 South Australian Avenue in West Palm Beach for $35.9 million in 2022, which is nearby the site for a proposed Vanderbilt University graduate school campus.
Schlager said the pair has targeted Palm Beach because it is “a very supply constrained market,” with high demand.
“Palm Beach has been a haven for wealth migration,” he said. CS Ventures is eyeing more island properties, but Schlager declined to comment further on the firm’s next moves.
Schlager is also an agent with Douglas Elliman in Palm Beach, and earlier this month represented both buyer and seller in the $17.1 million sale of 201 Dunbar Road.