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Palm Beach homes: Double penthouse fetches $6.4 million, setting a building record

Posted On: 11-30-2018

Financier and oil trader Andrew J. Hall and his wife, Christine, have quietly sold for $6.4 million the double penthouse they created by merging two oceanfront apartments on the sixth floor of a Midtown building in Palm Beach.

The price that businessman Michael Black paid for Penthouse D set a record for the co-operative building at 300 S. Ocean Blvd., property records show.

The Halls still own two penthouses on the same floor where they sold the oversized apartment. Penthouse D was not on the market when it changed hands, and no real agents appear to have been involved at the deal.

The buyer was already is familiar with the building, which faces Midtown Beach on the corner of Brazilian Avenue. Black bought Unit 2E there in late 2014 for $600,000, property records show.

Black is married with an address in New York City in the 900 block of Park Avenue, according to the document that gave him possession of the Midtown Beach penthouse earlier this month.

The Halls, who are prominent collectors of contemporary art, bought Penthouse D for a recorded $750,000 in November 2003 and about five years later paid $1.9 million for Penthouse E, the northeast corner unit next door. They then combined the units into one with 3,894 square feet of living space, inside and on its expansive balconies, according to property records.

The apartment was sold via a “proprietary lease” recorded Nov. 13. That’s the method by which co-ops, which are relatively rare on the island, change hands.

Before they sold the penthouse, the Halls owned both oceanfront corners of the building’s top floor. The Hall’s primary residence is Penthouse A on the southeast corner, which Andrew Hall has owned since 2000. He paid a recorded $2.1 million for it and has the apartment homesteaded in the Palm Beach County tax rolls.

Hall and his wife also own Penthouse C, which they bought for $4.13 million in 2013, property records show.

British-born Andrew Hall for years headed Astenbeck Capital Management, where he shut down his main fund last year, according to published reports. He has a long history of trading crude oil and other commodities, and his resume includes tenure as head of commodities trading for Phibro Energy.

Since 2007, the Halls have consistently earned a spot on ARTnews’ Top 200 list of the world’s art collectors. The couple founded the Hall Art Foundation with the goal of making parts of their collection accessible to the public via partnerships with number of art institutions. Their art also is exhibited by the foundation at facilities that are part of the Halls’ estate in Reading, Vt., and their converted 1,000-year-old castle in Derenburg, Germany, near Hannover.

Co-ops change hands differently from condominiums. A co-op buyer buys shares in the building and then is granted the right to use the unit by the building’s ownership — in this case, 300 South Ocean Boulevard Apartments Inc.

Signing this month’s sales document on behalf of the seller were building residents Stanton D. Anderson and Rosalind Clarke as president and secretary, respectively, of the ownership company. Clarke is also a real estate agent at Premier Estate Properties and represented the Halls in 2009 when they bought Penthouse E.

None of those involved in this month’s deal could be reached for comment.

With its signature curvilinear silhouette and fewer than 55 units, the building was designed in 1965 by architect Howard Chilton. The exterior is familiar to beachgoers because of its distinctive geometric pattern of concrete panels accented by decorative medallions with an Aztec-influenced design.

 

 

Source: Darrell Hofheinz, November 30, 2018, Palm Beach Daily News

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