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North End home fetches nearly $10.9 million

Posted On: 03-05-2015

By Darrell Hofheinz Daily News Real Estate Writer

Financier and Broadway producer Roy Furman has paid $10.885 million for 137 E. Inlet Drive, a direct-oceanfront house on the northern tip of Palm Beach, according to a deed recorded Wednesday.

The sellers of the four-bedroom house were Elayne Ayares Hurwitz, who acted as trustee of a revocable trust in her name, along with Ayares Real Estate LLC, a Maryland limited liability company, the deed shows. Hurwitz has downsized to an apartment on South Ocean Boulevard.

Built in 1989, the contemporary-style house on East Inlet Drive has about 6,500 square feet of living space, inside and out, according to the sales listing prepared by broker Lawrence Moens of Lawrence A. Moens Associates. Moens represented both sides of the sale.

The house is the third south of the inlet and stands on a lot measuring a little more than an acre. The home’s east side faces a lawn and an expansive parcel of dune vegetation leading to the beach.

The neighborhood has become a hot spot for sales. A number of new homes are going up nearby, including a pair of oceanfront mansions being developed on speculation immediately south of the property that just sold.

Furman couldn’t be reached Thursday and his plans for the property are unclear. Moens declined to discuss the sale, and Hurwitz couldn’t be reached.

Property records show Hurwitz and her late husband, Baltimore auto dealer and philanthropist Benno Hurwitz, paid $4.28 million for the house in 2000. He died in December 2006.

Moens had listed the property for $11.8 million in May, according to records in the Palm Beach Board of Realtors Multiple Listing Service. MLS shows he had a contract pending by late November.

That same month, Furman sold his two-bedroom, double apartment in the Palm Beach Biltmore to longtime Palm Beachers Alan and Christine Curtis for a recorded $7.65 million. Moens also handled that off-the-market deal. Furman had shared the Biltmore apartment with his wife, Frieda Anne Furman, who died in February 2013.

The deed for the East Inlet Drive house lists the Madison Avenue office of Jefferies Capital Partners in New York City as Furman’s mailing address. Furman is chairman of the private-equity investment firm. He also has produced Broadway plays and musicals, including several Tony Award winners.

The Furmans had facilities named in their honor at New York’s Lincoln Center for the Performing Arts. Roy Furman is a vice chairman of the center’s board of directors.

Last April, seller Hurwitz used her trust to buy a three-bedroom condominium in Beach Point at 2660 S. Ocean Blvd for a recorded $2.5 million. Agent Fern Fodiman of Sotheby’s International Realty was the listing agent, representing Richard and Linda Schaps. Agents Connie Stein and Sandy Hutzler of Fite Shavell & Associates acted for the trust.

 

Source: Darrell Hofheinz, March 5, 2015, Palm Beach Daily News

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