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Vacant North Lake Way lot with Intracoastal frontage sells for $5.17 million

Posted On: 08-09-2011

By Darrell Hofheinz

Daily News Real Estate Writer

Updated: 3:21 p.m. Tuesday, Aug. 9, 2011

Posted: 12:45 p.m. Tuesday, Aug. 9, 2011



A vacant lakefront lot near Dolphin Road at 1348 N. Lake Way has sold for about $5.17 million, according to a warranty deed recorded Monday by the Palm Beach County Clerk’s office.

With 156 feet of frontage on the Intracoastal Waterway, the lot is 253 deep and lies several blocks south of the island’s northern tip.

Broker Christian Angle of Christian Angle Real Estate had listed the property at $7.495 million for its owner, the TAJA Realty Trust. Patrick Carney, chairman and CEO of Claremont Cos. in Bridgewater, Mass., is listed in state business records as manager of the limited liability company that bought the property. Claremont is a real estate investment, development and asset-management firm.

Agent Jim McCann of Corcoran Group Real Estate represented the buyer, identified on the Aug. 3 deed as a limited liability company named after the address of the property.

Boston attorney Caleb S. Miller and Boston-area businessmen Lewis J. DiNitto and John C. Pappas III acted as trustees for the TAJA Realty Trust, which had owned other property in Palm Beach, county records show. The North Lake Way property was the last parcel on the island held by the trust.

The property was vacant when Angle acquired the listing about six months ago, although it has a sea wall and a dock, which were both built in 2008. Angle’s marketing description described it as a “high-elevation estate lot with sweeping Intracoastal views.”

The parcel lies nearly opposite the site of Florida Power and Light’s power plant in Riviera Beach, and, for many years, offered a direct view of twin smokestacks at the facility. In June, shortly before FPL began demolishing the plant in preparation for replacing it with a more modern version, Angle ran newspaper ads featuring the North Lake Way property’s view with the words “The Smokestacks Will Tumble,” along with the date and time of the demolition.

“We had fun with that,” Angle recalled this week. “I think that the ads had a lot to do with generating renewed interest in the property. You never know what’s going to get people interested.”

The property’s 2010 appraised “market value” was $5.1 million, according to county tax records, down from $10.61 million in 2008.


Source: Darrell Hofheinz, August 9, 2011, Palm Beach Daily News



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