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Palm Beacher pays $4.3M for lot a half-mile from home

Posted On: 01-29-2016

By Darrell Hofheinz

Daily News Staff Writer

Dr. Antoine “Tony” Nader didn’t have to look far to find the site for the new custom home he plans to build.

This month, he closed a $4.275 million deal to buy a vacant lot at 1230 N. Ocean Way, about a half-mile south of a house he has owned for several years on the same North End street.

The lot he bought measures nearly a half-acre, larger than the third-acre parcel where his home stands at 1436 N. Ocean Way.

Agent Elizabeth “Betty” Jones of Mary Overall Real Estate confirmed she represented him in the transaction.

Sotheby’s International Realty agent Patricia Mahaney, the listing agent, had the lot priced at $4.45 million. As reported here previously, the property went under contract in November and changed hands with deeded beach access. The lot lies about midway between the Palm Beach Country Club and the northern tip of the island.

North Ocean Way is one block west of — and parallel to — North Ocean Boulevard. Homeowners there enjoy a sense of privacy because several properties sporadically interrupt the road’s course and prevent it from being used as a through-street.

Via a deed recorded Jan. 8, Nader bought the lot using a Florida limited liability company named N. Ocean LLC. The seller was Palm Beacher Margaret Dorrance N. Duriez, who in 2014 paid a combined $3.375 for adjacent properties at 1230 and 1232 N. Ocean Way. She razed two houses there, intending to build anew. But last March, she bought a house nearby at 250 Palmo Way for $4.7 and is pursuing plans to replace it with a new home. She asked Mahaney to list the vacant property sale in April, and the two lots sold as one.

Duriez is linked in property records to another home at 310 Eden Road.

In 2009, Nader paid $1.3 million for his 1957 house and carried out renovations, town records show. The house isn’t listed for sale, according to a search this week in the Palm Beach Board of Realtors Multiple Listing Service.

Margaet Duriez and Nader couldn’t be reached for comment.



Source: Darrell Hofheinz, January 29, 2016, Palm Beach Daily News

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