291 JL Trust Purchases 291 Jamaica Lane From Todd Michael Glaser For $11.35M
291 Jamaica Lane
$11,350,000
$3,457/SF
Building Size
3,283 SF
Asset Type
Single Family
Closing
Feb 20, 2025
AI
The property asset involved in this transaction is a single-family home located at 291 Jamaica Lane in Palm Beach. The property features a total of 3,283 square feet of living space and sits on a 0.26-acre lot. The sale price for this asset was $11,350,000, equating to a price per square foot of $3,457.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $11,350,000
- Address: 291 Jamaica Lane
- Market: Palm Beach
- Acres: 0.26
- Square Footage: 3,283
- Price per Square Foot: $3,457
- Buyer: 291 JL Trust
- Seller: Todd Michael Glaser
- Buyer's Representative: Brandon Solomon - Douglas Elliman
- Seller's Representative: Patricia Mahaney - Sotheby's International Realty
Developer Todd Michael Glaser sold the renovated 1950s-era home to the 291 JL Trust, with Kyle Tracey acting as the trustee. This transaction follows Glaser's previous acquisition of the property for $7.9 million in June 2024, indicating a substantial profit from the flip.
Players
Palm Beach Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.40%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93