The owners of The Breakers Palm Beach resort have bought yet another building on the uber-wealthy island town.
Flagler System Management Inc. — an affiliate of the Kenin family, descendants of oil magnate Henry Flagler — paid $11.5 million for three buildings at 249, 251, and 253 Royal Poinciana Way, just half a mile south from the historic oceanfront hotel, property records show. Together, the low-rise buildings, which stand on 0.17 acres, total 4,566 square feet.
The retail properties, now leased partly to the Diane Firsten clothing store, were constructed between 1922 and 1925. Rosemark Management, the family office of late New York real estate maverick Arthur G. Cohen, had bought the property for $4.4 million in 2020.
A representative for The Breakers confirmed the sale, but declined to comment on future plans for the property. A representative for Rosemark Management could not be reached for comment.
The purchase adds to the Breakers’ assemblage along Royal Poinciana Way. Next door to its newly acquired property, the Breakers affiliate purchased the retail building at 245 Royal Poinciana Way, home to a PNC Bank branch, for $9.3 million in May.
In 2022, the family-owned business acquired a low-rise retail building at 283 Royal Poinciana Way for $11 million.
Separately, the Breakers affiliate completed the mixed-use Via Flagler development from 221 to 231 Royal Poinciana Way, which houses retail space on the ground floor and condo units on the top floor.
Julia Echikson can be reached at jechikson@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
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