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Lakefront house sells for $9.17M

Posted On: 01-03-2013

By Darrell Hofheinz

Daily News Real Estate Writer

The holidays in Palm Beach brought a flurry with them — not of snow, of course, but of real estate sales.

In the last week, nine island transactions recorded by the Palm Beach County Clerk — of $6 million or more each — have totaled nearly $187 million.

Among those deals was the sale of a five-bedroom house with about 130 feet of lakefront at 390 N. Lake Way, which changed hands privately for $9.165 million, according to the deed recorded Friday.

E. John Rosenwald Jr., who retired as vice chairman of the old Bear Stearns Cos., and his wife, Patricia, sold the 6,573-square-foot house, which was built in 1938. The buyer was a Florida limited liability company named after the property’s address, the deed shows.

The waning weeks of the year are always busier for Palm Beach real estate brokers, as many buyers and sellers scramble to close deals to achieve more favorable tax consequences. But the last days of December were even busier, because bigger tax bills related to the so-called fiscal cliff remained a distinct — if uncertain — threat, even as New Year’s Day approached.

Brown Harris Stevens real estate broker Ava Van de Water, who was recently installed as president of the Palm Beach Board of Realtors, said some home buyers and sellers did react to the changing tax picture by pushing for closings before the end of 2012. But, she added, the uptick in sales also reflects Palm Beach’s more vibrant housing market this season.

Prices have largely stabilized, she noted, and a limited inventory of better-quality properties has boosted demand for them.

“The market has definitely picked up,” said Van de Water. “The stars are aligning, and the prices are right.”

House not listed in MLS

According to county property records, the house on North Lake Way stands on a lot measuring .67 of an acre off Sanford Avenue. When it sold, the house was not marketed for sale in the multiple listing services that serve the island.

Agent Jim McCann of the Corcoran Group acted on behalf of the buyer. Broker Lawrence Moens of Lawrence A. Moens Associates represented the sellers.

The Rosenwalds have an apartment on Fifth Avenue in New York City, according to county property records. They bought their Palm Beach house in 1994 for $3.3 million.

E. John Rosenwald Jr., who spent his career at Bear Sterns Cos., was elected vice chairman of the company in 1988, before retiring in the 1990s. The firm was acquired by JPMorgan Chase in 2008 during the global financial meltdown that led to the recession.

In November, John Rosenwald was honored as one of five “Living Landmarks” by the New York Landmarks Conservancy. He has led capital campaigns for a number of nonprofits, including the Central Park Conservancy, the Metropolitan Museum of Art and New York University’s interests when it was affiliated with Mount Sinai Medical Center. He also has made major contributions to his alma maters, Dartmouth College and Deerfield Academy.


Source: Darrell Hofheinz, January 3, 2012, Palm Beach Daily News




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