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New Palm Beach townhouse built on ‘spec’ brings $5.65 million

Posted On: 02-06-2017

The Flynn family has been celebrating the sale of the second of two townhouses they developed on speculation in an ocean-block duplex on Sunset Avenue in Palm Beach.

Buyers Judith and Thomas Iovino won’t be moving far. They have listed for sale a larger townhouse they own in a duplex a couple of doors down.

Judith and Thomas Iovino have listed their 5,156-square-foot townhouse at 152 Sunset Ave. with the Corcoran Group for $5.3 million. It’s photo DAILY NEWS REAL ESTATE WRITER

Judith and Thomas Iovino have listed their 5,156-square-foot townhouse at 152 Sunset Ave. with the Corcoran Group for $5.3 million. It’s ... Read More

The Iovinos paid a recorded $5.65 million for their new townhome, which had been marketed as “Cambridge House,” at 180 Sunset Ave.

An identical four-bedroom unit shares a wall with the Iovinos’ unit. Known as “Windsor House” and addressed as 176 Sunset Ave., that one set what was likely a non-waterfront record for a Palm Beach townhouse when it sold last May for a recorded $5.9 million. Its buyer was a limited liability company linked to Franklin Templeton Investments, the financial company run by billionaire Palm Beacher Charles Johnson. Liza Pulitzer of Brown Harris Stevens handled the buyer’s side of that deal.

Completed in 2015, the townhouses were each priced at $6.2 million by listing agents Toni Hollis and Gloria Moré of The Fite Group, who had advised the developers on the project since its beginning. Hollis and Moré also represented the buyer in the sale recorded Wednesday by the Palm Beach County Clerk’s office.

When it broke ground, the Georgian-style duplex marked the first townhouse project to be developed in Palm Beach in more than a dozen years. It was also the first island project for John Flynn Sr., John Flynn Jr. and Leona “Lee” Flynn, whose Dublin-based, family-run development and investment company has built projects in Ireland and England and has a U.S. affiliate.

Each townhouse has 4,724 square feet of living space, inside and out. The development stands on the site of a former parking lot one lot east of North County Road and a bit north of the historic post office building. The townhouses were designed by architect Daniel Ménard of Laberge & Ménard in West Palm Beach.

The buyers have owned their townhouse down the street — a 5,156-square-foot, four-bedroom unit at 152 Sunset Ave. — since 2011. The couple just listed it for sale with Corcoran Group agents Paulette Koch and Dana Koch for $5.3 million. Team Koch handled both sides of the deal when the Iovinos paid $3.53 million for the townhome, which was built in 2001.

The Iovinos have an apartment on Fifth Avenue in New York City, according to this week’s deed.

A civil engineer, Thomas Iovino is chief executive officer of New York-based OHL North America and chairman of Judlau Contracting Inc., a subsidiary he founded. The companies specialize in civil construction, including major transportation and infrastructure projects.

 

 

Source: Darrell Hofheinz, February 6, 2017, Palm Beach Daily News

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