Spencer J. Schlager And Charles L. Rosenberg Acquire Retail Building In Palm Beach For $30.25M
237 Worth Avenue
$30,255,000
$3,172/SF
Building Size
9,536 SF
Asset Type
Retail
Closing
Sep 24, 2024
About this deal
AI
A retail building located at 237-243 Worth Avenue in Palm Beach has been sold for $30.255 million. The property spans a total area of 9,536 square feet, translating to a price per square foot of $3,173. The fully leased asset houses luxury brands such as Versace and Bottega Veneta, and was sold by a Delaware entity associated with Greenstone Realty Advisors.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $30,255,000
- Address: 237-243 Worth Avenue
- Market: Palm Beach
- Broker: Robert Klecinsky - Cushman & Wakefield
- Buyer: Spencer J. Schlager & Charles L. Rosenberg - CS Ventures
- Seller: Greenstone Realty Advisors
- Lender: Vista Bank
This transaction highlights the involvement of CS Ventures, led by Spencer Schlager and Charles Rosenberg, marking their initial acquisition on Worth Avenue. Robert Klecinsky from Cushman & Wakefield represented the seller in this deal.
Palm Beach Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
Loading comparables…
Deal FAQ
Visit Robert Klecinsky to view all their deals.
Browse Palm Beach retail sales on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.52%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93