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Palm Beach homes: Seaside penthouse sells for $7.8 million, deed shows

Posted On: 05-01-2019

An oceanfront penthouse that changed hands for about $5 million in 2013 at Palm Beach’s Dunster House has sold off-market for $7.8 million, the price recorded today with the deed.

The condominium is the most expensive to sell in Palm Beach since March 2018, courthouse records show.

A trustee for the Jay Family Spray Trust bought Penthouse 5A at 360 S. Ocean Blvd. from a company affiliated with Chicago architect and real estate developer James R. Loewenberg, according to Florida business records. The buyer paid $2,323 per square foot for the 3,400-square-foot apartment, property records show.

James Loewenberg owned the penthouse through JRL 360 LLC, its name apparently reflecting his initials. President of Loewenberg Architects, he also is chairman of NNP Residential and co-CEO at Magellan Development Group.

Kevin Penn acted as trustee of the trust that bought the condo, according to the deed recorded by the Palm Beach County Clerk’s office.

The penthouse is a three-bedroom unit on the southeast corner of the building. It features renovated interiors, 10-foot ceilings and a wrap-around terrace, according to a previous sales listing. It is one of only three apartments on the top floor of the 15-unit building. Building records show that the owner filed notice in 2014 for a project to replace the windows and doors.

Broker Lawrence Moens of Lawrence A. Moens Associates was on the buyer’s side of the $4.925-million penthouse deal in 2013 but it’s unclear if he was involved in this week’s sale. He could not be reached.

In the 2013 deal, agent Heather Woolems of Sotheby’s International Realty represented the sellers.

In March, Loewenberg’s daughter, Robin Loewenberg Tebbe, used an ownership company to buy — for a recorded $8.75 million — Eileen C. and Brian P. Burns’ five-bedroom house across town at 217 Via Tortuga in Phipps Estate.

Tebbe is an executive at Magellan Development Group, which designs and develops multi-family, commercial, institutional, medical and other real estate projects, according to its website. She also is president of Magellan Property Management.

Moens represented Tebbe, who is married to Mark Tebbe, when she bought the Burnses’ house through Casa Tortuga LLC. The Burnses were represented by Jim McCann of Premier Estate Properties.

The recorded price paid in the condo sale was just under the $7.9 million deal recorded in March 2018 for a lakefront penthouse, PH-C, in The Villas, a co-operative building at 425 Worth Ave. But the unit in The Villas was much larger than the Dunster House apartment that just sold. The Villas unit has 6,466 square feet of living space, inside and on its wraparound terrace. Based on the total space, the buyer paid $1,223 per square foot in that deal. At The Villas, broker Linda Olsson of Linda R. Olsson Inc. Realtor acted opposite agent Patricia Mahaney of Sotheby’s International Realty.

 

 

Source: Darrell Hofheinz, May 1, 2019, Palm Beach Daily News

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