A penthouse above Tiffany & Co.’s Palm Beach, Florida, store—once the most expensive condo listing in town—is headed to an online auction next month.
Asking $19.5 million, the newly built residence could fetch between $13 million and $20 million, according to Concierge Auctions, which is handling the sale. When it was first listed in January 2021, it was the most expensive condo for sale in the affluent South Florida town, according to listing records. Bidding begins on March 10.
“The street level interior accommodates its current occupants, Tiffany & Co and Tory Burch,” the listing said. “The second floor and rooftop hold a newly constructed, [roughly] 12,000-square-foot luxury penthouse apartment—Palm Beach’s largest—with a remarkable outdoor living area that enjoys unmatched privacy.”
Situated above the Tiffany Blue awnings of the jewelry store, the penthouse offers seven bedrooms and seven and a half bathrooms, according to the listing. New York-based Kean Development Company is behind the makeover of the residential space, and have added a glass-enclosed third level.
“While the exteriors have been masterly crafted, the interior remains a blank slate for the buyer to customize,” Katie Lawless Ballard and Lisa Libertore of Concierge Auctions said in an email statement.
That means the buyer will need to complete the interiors, as well as the upper level, a rooftop area with an existing infinity-edge pool and terrace, the listing said. It can be further decked out with the addition of a lounge, a wet bar and dining area, a gym and firepit.
Kean Development, along with Fortress Investment Group and Hyde Retail Partners, sold the retail floor of the building in December 2020 for $26.4 million, property records show.
The Covid-19 pandemic has sent deep-pocketed buyers to places like Palm Beach, where demand has pushed prices up. The median price of a condo there rose nearly 30% annually, to $967,225, in the fourth quarter, according to a report from Douglas Elliman.
Article Source: Mansion Global
