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Kosoys see big return on sale of Midtown house

Posted On: 04-30-2015

By Darrell Hofheinz Daily News Staff Writer

Selling your Palm Beach house for more than you paid for it is always nice. But when the profit margin skirts the 50-percent range — at least on paper — and the sale occurs in fewer than four years, the deal is even sweeter.

A case in point: During the recession, businessman Brian D. Kosoy and his wife, Andrea, bought their five-bedroom, Mediterranean-style house at 437 Chilean Ave. for $3.2 million, according to courthouse records detailing that private April 2011 deal.

They just sold it for nearly double that price — $6.3 million, according to the deed recorded Monday.

The Kosoys had invested in an extensive renovation of the house, which was built in 2002. The lake-block house was a rare find in today’s market, as it was recently updated, generously sized and in the heart of town.

Dated March 2, the deed lists the buyer as Wray-Cerasoli Associates LLP, a Delaware-registered limited liability partnership with an address in Shelter Island, N.Y. That partnership is affiliated with a married couple, Dr. Franklin Cerasoli and Charlotte Wray, who are linked in property records to the Shelter Island address.

Cerasoli formerly was head of cardiovascular medicine and held a leadership position with Pfizer’s PFE primary care division. He is a professor of medicine affilaiated with NYU Medical School and Mount Sainai Medical Center in New York City. He also serves as chief medical and scientific officer of Medical Dynamics, the couple’s privately owned medical and public-affairs consulting group. The latter company was founded by Wray, who serves as its CEO.

With homes in Manhattan and Long Island, Cerasoli and Wray do not own any other property in Palm Beach County under their names, according to property records. But for the past two seasons, they docked their yacht at the Town Docks.

Broker Christian Angle of Christian Angle Real Estate had the Midtown house listed at just under $7 million since last August in the Palm Beach Board of Realtors Multiple Listing Service.

Agents Paulette Koch and Dana Koch of the Corcoran Group were on the buyer’s side of the transaction. They knew the house well, having at one point marketed it for sale.

The house has 5,250 square feet of living space, inside and out, including its two-car garage. Other features include high ceilings, a well-equipped kitchen, an elevator and a quarter-acre lot.

Brian Kosoy is managing principal, president and chief executive officer of Sterling Organization, a private-equity real estate firm that specializes in retail shopping centers and related developments. The company is headquartered in Royal Poinciana Plaza, which it formerly managed under a long-term lease agreement with the owner.

Angle and Team Koch had no comment on the sale. The sellers and buyers couldn’t be reached.



Source: Darrell Hofheinz, April 30, 2015, Palm Beach Daily News

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