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Deed: Kirkland House condo fetches $5.8 million

Posted On: 05-19-2013

By Darrell Hofheinz

Daily News Real Estate Writer

A trust in the name of Connecticut construction executive Roderic M. Oneglia has paid a recorded $5.8 million for a Kirkland House penthouse, the longtime winter home of the late Margaret Young and her late husband, Adam Young.

Margaret “Peggy” Young, who died last September, had bought the sixth-floor oceanfront Penthouse A at 101 Worth Ave. in 1989, and its ownership later transferred to a trust in her name. She and her husband, who died in 2004, also had residences in New York City and Westhampton Beach, N.Y.

Brown Harris Stevens agent Anne P. Carmichael handled both sides of the transaction and had last priced the apartment at $6.8 million, down from $7.3 million when it was listed in late November, according to records in the Palm Beach Board of Realtors Multiple Listing Service.

On the northeast corner of the building, the three-bedroom apartment captures ocean views and has 4,630 square feet of living space, including 800 square feet of balconies. The unit runs the length of the building, east to west.

The buyer is planning to update the condo and rework its floor plan, Carmichael said.

“The penthouse has wonderful light and direct ocean views from the living room and library. And there are fantastic views to the west from the master bedroom,” she said.

The deed recorded May 9 shows the Roderic M. Oneglia Spray Trust bought the condo. Oneglia acted as co-trustee of the trust along with his brother, Gregory S. Oneglia, and attorney Robert F. Cohn, who has an office in New Haven, Conn.

The address on the deed for the Oneglia trust is the same as that of O&G Industries’ headquarters in Torrington, Conn., a construction company co-founded in 1923 by Andrew Oneglia. Gregory Oneglia is an executive there, while Roderic Oneglia also is affiliated with Burlington Construction Co., also in Torrington.

Among its selling points, Carmichael said, the apartment is among just four on the top floor and is accessed by an elevator that services only one other unit on the penthouse level.

“It’s a beautifully maintained building, and it’s small, so you don’t have a lot of neighbors. You have a lot of privacy,” she said.

The Oneglia trust owns another Palm Beach condominium down the street in the 400 Building at 400 S. Ocean Blvd., property records show. The trust bought that unit for a recorded $1.75 million in 2009.

Another family trust in the name of David M. Oneglia, who is president of O&G Industries, owns property at 209 Seaspray Ave., bought for a recorded $3.9 million in 2009. Members of the Orneglia family own several other Palm Beach County properties in their names and through trusts.

Adam Young was a founder of Young Broadcasting and also founded and served as chairman of Adam Young Inc.

Their son, Richard Young of Greenwich, Conn., acted as trustee of the Margaret Young 2003 Trust, according to last week’s deed.

Because there are only 20 units in the Kirkland House, apartments there rarely come onto the market, Carmichael said. Among the recent notable sales, No. 4C fetched a recorded $6.4 million in a private sale in April 2012 that became the highest-dollar condo deal of that season. Former U.S. Ambassador Mary M. Ourisman and her husband, Mandy, sold the apartment to Patrick and Mary Donaghy. Linda A. Gary Real Estate acted for the sellers, with Waterfront Properties and Club Communities representing the buyers.

MLS records show that three other units have sold in the building over the past couple of years, including Penthouse C, which fetched $4.75 million in December 2010 in a deal that saw Fite Shavell & Associates as the listing agency opposite the Corcoran Group; No. 3D, which changed hands for $4.7 million in December 2010, with Linda R. Olsson Inc. Realtor as the listing agency and the since-closed Barclays International Realty on the buyer’s side; and No. 2D, which sold for $4.97 million in April 2012 with Corcoran representing the seller and Fite Shavell the buyer.

 

Source: Darrell Hofheinz, May 19, 2013, Palm Beach Daily News

http://www.palmbeachdailynews.com/news/news/national/deed-kirkland-house-condo-fetches-58-million/nXttY/

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