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Oceanfront condo sale sets building record

Posted On: 10-10-2014

By Darrell Hofheinz Daily News Real Estate Writer

Scraping $8.8 million, this week’s sale of Penthouse 2 in the Sun and Surf marked the most ever paid for a single unit in the oceanfront condominium building at 100 Sunrise Ave., property records show.

A trust in the name of the late Carol Stone sold her oversized three-bedroom apartment on the southeast corner of the 1970s-era building. The buyer was a Delaware limited liability company named Magis LLC.

Agent Susan Polan of Illustrated Properties represented the buyer in the deal but said she couldn’t discuss the sale because of a confidentiality agreement.

The deed recorded Wednesday lists the buyer’s mailing address as being in care of Jonathan Loeck of The Ayco Co., a financial advisory firm in Saratoga Springs, N.Y. He declined to comment, and no other information about Magis LLC was immediately available.

With 5,095 square feet of living space, inside and on its wraparound balcony, the seventh-floor condo hadn’t changed hands since Stone’s trust paid $1.65 million for it in 1996, property records show.

“We were very confident that we would set a record in that building,” said listing agent Paulette Koch of the Corcoran Group.

The apartment’s views are extraordinary, even by Palm Beach standards, said Koch, who has sold many oceanview condos during her career.

“This really is the best apartment view in Palm Beach. There are water views from all the main rooms. It’s like being on an cruise ship,” she said. “It’s just the lightest, brightest apartment – very unusual and in beautiful condition, with very high-end finishes. It was a true trophy.

”Koch wouldn’t comment further, other than to say the condo changed hands with a beachfront cabana – unusual for the Sun and Surf because of its double size — immediately below the apartment.

She had co-listed the apartment in June for $9.95 million with her son, Corcoran agent Dana Koch.

The apartment has walls of windows and sliding-glass doors with impact-resistant glass. The layout includes a den, an eat-in kitchen, four bathrooms and a powder room.Carol Stone, who died in 2011 at 81, was the wife of the late Chicago businessman and philanthropist Marvin Stone, a retired packaging executive and philanthropist. He died in 1999, three years after his wife’s trust bought their apartment.

She had previously been married to the late businessman, real estate developer and philanthropist Paul Chanin, with whom she had two sons, Jeffrey Chanin and Steven Chanin. Both signed the deed as successor trustees to their mother’s trust.

Two of Steven and Jeffrey Chanin’s aunts also have condos at the Sun and Surf: Carol Stone’s sister, Norma Smith, and Leona Chanin, their father’s sister-in-law.

The Sun and Surf was developed as an apartment complex in 1970 on the site of the old Sun and Surf Beach Club between Sunrise and Sunset avenues. In 1977, it was converted into condos.

Designed by the late architect Gene Lawrence with 242 units, the complex consists of two irregularly shaped structures – the beach building and a smaller building immediately to the west at 130 Sunrise Ave.

Condo owners sometimes combine side-by-side units to increase their square footage. But the oversize penthouse that just sold dates to the condominium conversion

 

Source: Darrell Hofheinz, October 10, 2014, Palm Beach Daily News

 

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