Todd Michael Glaser Sells One-Of-A-Kind Worth Avenue Penthouse Atop Tiffany & Co. Building In Palm Beach For $18 Million

Todd Michael Glaser and partners have sold an exclusive two-story penthouse residence sitting atop the iconic Tiffany & Co. building on Palm Beach Island’s Worth Avenue for $18 million. Located at 415 Hibiscus Ave., Palm Beach, FL 33480, the total 13,000-square-foot residence is the largest condominium on Palm Beach Island. Situated at the corner of prestigious Worth Avenue and Hibiscus Avenue, it is the only penthouse in the world atop a Tiffany & Co. building. The private residence building is also a blank canvas, ideal for the luxury buyer who would like to customize every detail.

Jill Eber and Jill Hertzberg of The Jills Zeder Group, affiliated with Coldwell Banker Realty; and Chris Leavitt of Douglas Elliman Realty, LLC, represented the seller, Todd Michael Glaser and partners. Christian Angle Real Estate represented the buyer in this transaction.

Constructed in 2021, the residence is a shell with all plumbing, electrical and HVAC units in the space and is decorator and architect ready to be built out.

The penthouse was developed in 2021 by a JV between Fortress Investment Group, Hyde Retail Partners and Kean Development before selling to Glaser and his partners for $15.5 million in June 2022. The joint venture initially acquired The Tiffany & Co. building was purchased in late 2018 for $20 million before selling the commercial component for $26.4 million in January 2021 to the London-based real estate investment firm Motcomb Estates.

An extraordinary aspect of the residence is the new, private rooftop deck ― the only rooftop of its kind in Palm Beach with a panoramic view of Worth Avenue. Its distinctive exterior spa boasts an infinity edge swimming pool, sunbathing areas, putting green, outdoor bar, dining area and fire pit. The interior rooftop area beckons with a spacious lounge and full bar, billiard area, full bathroom, and gym.

Offering enormous windows and doors maximizing Worth Avenue views and natural light, the residence includes a beautiful principal suite, housekeeper’s room, three fireplaces, state-of-the-art technology, an elevator and much more, within 9,876 square feet of interior space. It may be built out to have five to six bedrooms, seven bathrooms, and one half-bathroom.

The exclusive condo is within walking distance of world-class shops, restaurants, and all the best that Palm Beach has to offer.

Todd Michael Glaser And Partners Buy Palm Beach Penthouse Atop Tiffany & Co. On Worth Avenue For $15.5 Million

Spec home developer Todd Michael Glaser and his partners have closed on the penthouse on top of the Worth Avenue Tiffany & Co. building in Palm Beach for $15.5 million. The residence was delivered as an unfinished shell and the investors plan to complete the residence and list it at potentially $40 million. The penthouse occupies the buildings second floor and rooftop and spans 13,000+/- SF. The sellers were a JV between Fortress Investment Group, Hyde Retail Partners and Kean Development.

The original design called to offer five bedrooms, seven and a half baths, master suite, maid's quarters, three fireplaces, state of the art technology, elevator and a private rooftop overlooking panoramic views of Worth Ave. The rooftop’s distinctive exterior spa will boast an infinity edge swimming pool, sunbathing areas, putting green, outdoor bar, dining area and fire pit for the ultimate outdoor entertaining space.

The Tiffany & Co. building is located at 259 Worth Avenue and was purchased in late 2018 by the Fortress Investment Group, Hyde Retail Partners and Kean Development Joint Venture for $20 million before selling for $26.4 million in January 2021 to the London-based real estate investment firm Motcomb Estates.

Worth Avenue Tiffany & Co. Building Sells For $26.4 Million

A joint venture led by an entity tied to Fortress Investment Group has sold 259 Worth Avenue in Palm Beach, anchored by luxury jeweler Tiffany & Co., for $26.4 million to Motcomb Estates, a London-based real estate investment firm. The selling price breaks down to $1,612 PSF. The selling joint venture acquired the property for $20 million in 2018 and is made up of the New York-based Fortress Investment Group, Kean Development Co. and Hyde Retail Partners.

The joint venture gained approvals to build a 5-bedroom, 13,000 +/- square foot penthouse atop the property which would a private rooftop with infinity edge swimming pool, dining area and fire pit, as well as easy access to fine dining, world class fashion and art, and is a short stroll away from the beach. Kean Development Company was leading the renovation and Douglas Elliman listed the pre-construction penthouse for $17.5 million.

259 Worth Avenue was first developed in 1950. The retail building spans 16,374 square feet and is located on a .22-acre site on Worth Avenue, an upscale shopping and dining destrict spanning four blocks in Palm Beach.

Neiman Marcus To Close Worth Avenue Location After Filing Chapter 11 Bankruptcy

COVID-19 continues to shake the commercial real estate industry, especially when it comes to retail. The Dallas-based Neiman Marcus Group has announced that they will be will be closing their Worth Avenue location in Palm Beach amid the luxury retailer’s Chapter 11 Bankruptcy Protection Proceedings. Neiman Marcus is actively working with A&G Real Estate to find someone to take over their 48,661 SF lease at 151 Worth Avenue which runs through May 31, 2026 and has options available to the tenant through 2051. 151 Worth Avenue is owned by the New York-based O’Connor Real Estate Advisors who acquired the property in January 2014 for $40 million.

"Real estate is a long-term play. These leases represent an incredible opportunity for retailers and investors to gain a foothold in markets that, under normal conditions, are renowned for their traffic and sales – as well as for their high barriers to entry," said A&G Real Estate Co-President Emilio Amendola. "Additionally, some of these locations are particularly promising for conversion to hotel, office or residential use." 

The Worth Avenue, Palm Beach store currently remains open for curbside pickup and appointments only. Neiman Marcus first filed for Chapter 11 Bankruptcy in May 7, 2020, amid the fallout from the COVID-19 pandemic in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.

Want to Live at Tiffany's? $17.5M Palm Beach Penthouse Floats Above Luxury Retailer

259 Worth Avenue is the first property of its kind and will be the largest condominium in Palm Beach with 13,000+/- square feet once finished. It represents a once-in-a-lifetime opportunity to own the only penthouse above luxury jeweler Tiffany's on the iconic Worth Avenue in the heart of Palm Beach.

This unique penthouse will encompass an upscale lifestyle: it is central to fine dining, world class fashion and art, and a short stroll away from the beach. It features five bedrooms, seven and a half baths, master suite, maid's quarters, three fireplaces, state of the art technology, elevator and a private rooftop overlooking panoramic views of Worth Ave. The rooftop’s distinctive exterior spa will boast an infinity edge swimming pool, sunbathing areas, putting green, outdoor bar, dining area and fire pit for the ultimate outdoor entertaining space.

Award winning, nationally recognized Design/Build firm Kean Development Company is working with a local architect on the property, which is being offered by Douglas Elliman as a shell for the buyer to build out during the summer of 2021.

Images via Douglas Elliman.

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By Stephanie Warren

Palm Beach Approves Plan For Luxe Condo Atop Tiffany & Co. Building On Worth Avenue

The Town of Palm Beach has approved plans for a luxury condo atop the iconic Tiffany & Co. building on Palm Beach’s Worth Avenue, one of the ritziest, most expensive streets in the United States. The addition would include the conversion of the existing 2nd floor as well as adding a 3rd floor spa and pergola which would not be visible to pedestrians on the street. The condo conversion was designed by Keith Spina and when complete will offer buyers a 10,000 SF spread complete with the 3rd floor terrace. The proposal comes on the heels of Tiffany & Co. downsizing to only the ground floor where they plan a major renovation. The project’s final design is still pending a few approvals though as the Town of Palm Beach deferred a decision until December 2019 on a variance to increase the allowable lot coverage of the 3rd floor to 33% from the allotted 25%. The Tiffany & Co. building is located at 259 Worth Avenue and was purchased in late 2018 by Fortress Investment Group for $20 million.

Christie’s International Real Estate to Collaborate with Premier Estate Properties in Palm Beach

Christie’s International Real Estate has announced that Premier Estate Properties, a Network Affiliate for more than a decade, is opening its sixth South Florida office on Worth Avenue in Palm Beach, Florida, to extend the reach of our venerable brand (January 2018). The new Premier Estate Properties Palm Beach Office will be represented by established Palm Beach Broker, Jim McCann, whose achievements include sales exceeding $100 million annually since 2007. Jim will be joined by his long-time associates, Maryellen Cantera and Kristina Parker.
 
Premier Estate Properties is a privately held boutique real estate brokerage firm specializing in the sale of properties in excess of $1 million and currently holds a portfolio of $1.2 billion in properties in such luxury markets as Manalapan, Gulf Stream, Delray Beach, Boca Raton, Hillsboro Beach, Fort Lauderdale, and Vero Beach, amongst other markets. Working in conjunction with Christie’s International Real Estate, Premier Estate Properties Palm Beach Office will kick-off their relationship  by co-sponsoring this month’s Palm Beach Modern + Contemporary (PBM+C) Art Fair. For 25 years, Premier Estate Properties, led by Brokers/Owners Carmen N. D’ Angelo Jr., Gerard P. Liguori and Joseph G. Liguori, has dominated the South Florida market with many sales exceeding $20 million. Premier Estate Properties is also noted for exceptional concierge service, utmost discretion, marketing acumen and negotiating expertise and has repeatedly proven itself an industry leader in its own market areas and within the global Christie’s International Real Estate network.  

Carmen N. D’Angelo Jr. views the natural synergy of this collaboration as a unique opportunity for island residents of Palm Beach: “The Christie’s brand, cross-marketed through its auction house and network of high-end real estate firms, delivers a level of global visibility unmatched in this market - attracting the most elite buyers worldwide.”

"I have been associated with Premier Estate Properties for over 20 years, the last 10 managing the network’s Southeast Region where their six brokerages have operated as our valued Affiliate," says Rick Moeser, Executive Director of Christie's International Real Estate, whose office is also located in Palm Beach. "These are proven experts in the marketing and sale of high-value properties, and also in fully leveraging the power of our luxury brand to introduce these finest homes to the world. Premier Estate Properties’ expansion into Palm Beach is a formidable asset for buyers and sellers in both Palm Beach and globally."