In a big move on Palm Beach’s iconic Worth Avenue, a prime retail building has just changed hands for a whopping $30.26 million. This notable transaction is making waves in the world of luxury real estate, and it’s easy to see why!
The building in question, located at 243 Worth Ave., covers 9,536 square feet and was sold by 237-243 Worth Avenue LP, a group linked to Greenstone Realty Advisors, based out of Middleburg, Virginia. The new owner is CSPB Worth LLC, a part of CS Ventures, which is a collaboration between Charles Rosenberg of Rosemark Management and Spencer Schlager. To make this deal happen, they received a $14 million mortgage from Texas-based Vista Bank. It’s a pretty big deal, and data firm Vizzda has confirmed all the details about the buyer and seller.
A Massive Increase in Value
Here’s where it gets even more interesting: the price per square foot came out to about $3,173. Now, compare that to what it last sold for back in 1997 – a modest $7.1 million. That’s a huge jump and speaks volumes about how the value of real estate has surged in Palm Beach, one of the most affluent cities in the country.