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November: Letter from Palm Beach: Wall Street South

Wall Street South
Lisa and John Cregan
#1 Ranked Team at Sotheby’s Palm Beach
Once upon a time (ok yes, when I worked there) Wall Street relationships were built on a sturdy foundation of red wine, steak dinners and tickets to the Rangers’ game. But today, with computer-driven trading, cell phones and ubiquitous WiFi, Madison Square Garden adjacency is no longer the trading floor must-have it once was.
After trying out Greenwich and Stamford, it dawned on the smart money types that sunny, tax-friendly Florida made a heck of a lot more sense. What began as a trickle of small headcount private equity shops taking office space turned into a torrent when Covid-driven work-from-home options inspired all manner of financial services folk to test drive a life without sleet.
But when the recall to New York sounded, like WWI doughboys who’d seen Paris, there was no keeping them down on the farm. From entire divisions of large banks to individual management committee honchos, there came a huge swell in demand for Class A office space. As available space disappeared, people got creative– reportedly Ken Griffin bought the former Neiman Marcus store on Worth Avenue to repurpose it as a trading floor for his Citadel hedge fund. The few new buildings already in the works soon found themselves at 100% capacity with a roster of heavy hitter tenants. Here’s a brief list of the occupants at 360 Rosemary, West Palm’s newest building:
  • Elliott Management
  • Franklin Templeton
  • Goldman Sachs
  • NewDay USA
  • Point72 Asset Management
And that’s just one 25-story building! Albeit one ideally situated steps from the Brightline express train to Miami. Another 1.6 million sqft of new office space is in the pipeline, highlighted by One Flagler at the head of the middle bridge to Palm Beach, which will be anchored by a Milos restaurant and a much expanded First Republic presence. If that seems like a lot of space to fill, realize it’s not just for the 90+ financial services firms that have already opened offices in the Palm Beach/West Palm corridor. Smart developers like Related Companies anticipated those firms would be quickly trailed by their camp followers– indispensable Wall Street service providers like M&A attorneys, forensic accountants, public relations firms, and yes….steakhouses. The ground floor tenant at 360 Rosemary? Harrys NYC of course!
Market Color: Restocking
With Thanksgiving in the rearview mirror, the Palm Beach real estate market is officially open for business. A number of properties that were held off market through the summer and fall have now listed including our new market price leader, Tarpon Island, at $218m(!). But, as you can assume from the numbers in the chart above, there is new supply across all price levels – a 50% increase in the number of listings at this time last year. And that’s just for Palm Beach island. The statistics for West Palm and the surrounding areas are similar.
We’d note though, that we are still well below the typical level of condo and single-family home listings we saw in 2018-2020, but the charts are finally trending upward (below). For the first time in two years, homebuyers have the luxury of choice and there are some beautiful, well-priced homes waiting for them to choose from.
*Our New Listing* 153 Kings Road Colefax & Fowler Do Palm Beach
153 Kings Road

153 Kings Road, Palm Beach


5 Bedrooms  9 Bathrooms  6,043 Sq Ft.
One of the most gracious homes in Palm Beach’s estate section. On a quiet block between the lake and the ocean, 153 Kings Road was custom built in 2009 in collaboration with renowned London interior design firm Colefax and Fowler and respected architect Thomas Kirchhoff. This 5 bedroom, 6 bath home opens with a breathtaking double-height foyer, then fans out into 10-foot high ceilinged rooms with stunning millwork. The thoughtful layout can suit a large family but works for empty nesters too. This is a home that must be seen in person to fully appreciate. Tall French doors in the expansive living room open on to an elegant pool terrace. A well-equipped chef’s kitchen is conveniently adjacent to the combined family room/dining nook. Separate his and her marble-clad bathrooms and closets grace the luxe primary suite. Upstairs and downstairs home offices, a classic butler’s pantry with designated storage for linens and serving pieces, an elevator, generator, outdoor shower and powder room are just some of the home’s very special amenities.
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*Our New Listing* Waterview 506
Harbor Views, Tennis (and Pickle)

153 KINGS ROAD, West Palm Beach


3 Bedrooms  3 Bathrooms  2,251 Sq Ft.
Beautiful Southeast corner three-bedroom unit with crow’s nest level sight-lines across the magnificent yachts of Palm Harbor Marina. Enjoy the views over the Intracoastal to the Flagler Museum and Breakers Hotel, and it’s an easy stroll across the north bridge for breakfast at Sant Ambroeus. Fully renovated kitchen and 3 full bathrooms including a large primary bath. Open terraces to catch the waterfront breezes. Waterview Towers has valet parking and concierge, full-time manger and assistant as well as 24 security. Add in pool, tennis, pickleball and fitness and you’ve got the perfect package for a sun-filled, carefree lifestyle.
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*Our New Listing* North End Lifestyle Renovated and Ready for 2023
255 El Pueblo Way

255 El Pueblo Way, Palm Beach


4 Bedrooms  4 Bathrooms  3,408 Sq Ft.
This exceptional 1939 Belford Shumate home is currently under renovation with completion expected yearend 2022. The 4BR/4BA Bermuda style house sits on a prime North End block with a neighborhood beach terrace at one end and Lake Trail access at the other. The house features vaulted beamed ceilings, an open-plan, indoor-outdoor kitchen/dining area where sliding glass doors open out to a 25′ pool. In the new eat-in kitchen, French doors lead to an open-air breakfast garden. The new cypress paneled family room overlooking the pool could easily be converted to a downstairs primary bedroom suite complete with a 15′ x 20′ terrace shaded by a louvered pergola. This sun-filled house brings the outdoors in with large picture windows looking onto a tropical landscape planned by Keith Williams of Niervera Williams on a 12,600 sqft lot. The thorough renovation includes new roof, impact windows, new air conditioning, electrical, security, and sound systems while preserving the home’s charming original details. If you’re looking for new construction on a quiet street (you can hear the ocean) with the romance of old Palm Beach, this is a must-see.
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*Our Listing* Waterview Towers Penthouse C6
Forever Views of Ocean, Lake and Island
400 N Flagler Drive, C6

400 N Flagler Drive C6, West Palm Beach


3 Bedrooms  3 Bathrooms  2,900 Sq Ft.
The views from this 25th floor southeast corner unit aren’t the only thing stunning. The Seller undertook a thorough renovation that included fully enclosing the terraces within the living room. It’s an astounding living space with broad views east, north and south. New kitchen and baths, in unit washer/dryer, a large master closet, 3 bedrooms, 2 full baths and a powder room. Parking for 2 cars. Living Area 2,900 sqft. Waterview Tower is a full service building with doormen, security, garage, fitness, pool, tennis and pickleball. Close to the north bridge, Royal Poinciana Plaza and Palm Beach shopping and restaurants.
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*Our Listing* Beach Block Townhouse Move-in Ready Right Now!
160 Sunset Avenue

160 Sunset Avenue 160, Palm Beach


4 Bedrooms  6 Bathrooms  4,530 Sq Ft.
This elegant 5,000 sqft townhouse lives like a spacious seaside villa- one that’s literally steps to the beach! Built in 2004 and fastidiously maintained by the original owner, it’s perfect for a buyer who does not want the upkeep headaches of an older house or large yard. The ocean block of Sunset is a dead end street that terminates at the beach gate. An ideal location-quiet and private- but still walkable to the Breakers and Royal Poinciana Plaza and all their adjacent shops and restaurants. With over 4,500 sqft of living area, an elevator, 4 bedrooms, multiple office spaces and an air conditioned two car garage there’s plenty of room for family and guests. Given its modern kitchen and baths, outdoor gas grill and beautiful private pool, it’s completely ready for move-in for the 2022-23 season. 12′ ceilings on the 1st floor, 10’+ in the Master bedroom. The house has great entertaining spaces, including a large covered terrace overlooking the pool. Kitchen has a two-sided Subzero fridge, with four freezer drawers, Wolf gas range, 2 Miele dishwashers, built-in microwave and air fryer.
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*Our Listing* Beautiful New Construction on the El Cid Waterfront
2305 S Flagler Drive

2305 S Flagler Drive, West Palm Beach


4 Bedrooms  6 Bathrooms  5,423 Sq Ft.
Heaven on the El Cid waterfront. Impeccable 2020 new construction with exquisite attention to detail, every modern luxury and unimpeded water views from 1st and 2nd floors. On an almost 19,000 foot corner lot-beautifully landscaped by Nievera Williams-the house is an elegant contemporary take on classic Palm Beach architecture with iron-look windows, handmade Mexican roof tiles and waxed plaster walls. Downstairs master bedroom with water views, generous closets and bath. Two upstairs bedrooms and baths with an inviting shared terrace can be reached by stair or elevator. In the front yard, a 52′, two lane lap pool sits off the electric screened terrace. To the rear is a guest house/gym/office with full bath. And the 3 bay garage fitted with 2 lifts can accommodate up to 5 cars. See Home Features in Documents. Literally too many to list. But for a few- 10′ ceilings, working marble fireplace, Wolf 5 burner gas stove and an induction cooktop, Miele double-ovens, 2 Miele dishwashers, side-by-side Sub Zero fridge with 4 freezer drawers, outdoor shower, full house gas generator, pool heater AND chiller, trunk storage room off elevator, gas fire pit off master bedroom, Lynx summer kitchen with gas grill and rotisserie, Smart Home controls throughout, motorized sun and blackout shades, 2nd laundry room in garage, electric vehicle charger. All that and a shared neighborhood day-dock between Valencia and Sunset. Virtual Tour available via Matterport – see 2nd photo in listing
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*Our Listing* Annual Rental
Walk to Worth Ave, Beach and Docks
354 Chilean Avenue 5B

354 Chilean Avenue 5B, Palm Beach

$7,900 Per Month

1 Bedrooms  1 Bathrooms  782 Sq Ft.
A wonderful opportunity for a carefree Palm Beach pied-a-terre. Bright south-facing one- bedroom unit with a terrace, updated kitchen and baths and new carpeting. Apartment comes with 1 car parking, storage unit and place for a bike. Island House is one of the best located buildings in town. Only two streets from Worth Avenue, three streets from the Four Arts and a short stroll to the public beach and town docks. 24 hour doorman and a beautiful pool and outdoor entertaining area. Rental Terms: Annual: $7,900 Per Month
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*Sold – Our Buyer* A Classic In-Town Palm Beach Estate
211 Dunbar Road

211 Dunbar Road, Palm Beach


7 Bedrooms  9 Bathrooms  8,371 Sq Ft.
Immaculate and beautiful estate home, located between the ocean access to the east and the bike trail to the west and convenient to all with its ”in-town” location. Beautiful Mediterranean stenciled beams and stone fireplaces and all new Impact Windows and Doors. Stone Fireplace and two grills on the Loggia. 50′ pool and one of the most beautiful gardens in Palm Beach.
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*Sold – Our Buyer* 231 El Dorado Renovated to Perfection
231 El Dorado Way Beautifully renovated 4BR/4.5BA Bermuda residence in the Near North End. Gorgeous exterior spaces with front and rear gated gardens designed by Mario Nievera Landscape Design. Light and bright formal living room with gas fireplace, soaring ceilings, and custom built-ins. Architectural details include stunning solid oak flooring, marble flooring, Porcelinosa bathrooms, and Fantini bath fixtures. Features gourmet chef’s kitchen with breakfast area, formal dining room, and open floor plan. Fantastic outdoor spaces perfect for entertaining with large pool and covered loggia. Additional highlights include large owner’s suite, library, and 2 car air-conditioned garage. All the conveniences of a modern smart home including Lutron Homework, and full security system with Wi-Fi central station. Absolutely move right in!
Listed at $9.75m

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