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By Brian Bandell – Real Estate Editor, South Florida Business Journal Sep 24, 2024
A retail building on Palm Beach’s upscale Worth Avenue sold for $30.26 million. The 9,536-square-foot retail building at 243 Worth Ave. was sold by 237-243 Worth Avenue LP, an affiliate of Middleburg, Virginia-based Greenstone Realty Advisors. It was purchased by CSPB Worth LLC, part of CS Ventures, a joint venture between Charles Rosenberg of Rosemark Management and Spencer Schlager. Texas-based Vista Bank provided a $14 million mortgage to the buyer. Property data firm Vizzda confirmed the buyer and seller information.
The price equated to $3,173 per square foot.
It last traded for $7.1 million in 1997, so the building had a big gain in value after a long-term investment. That reflects the surging retail market in Palm Beach, one of the wealthiest cities in the nation.
The building was constructed on the 0.29-acre site in 1925. Tenants include Versace, Valentina Kova, and Poupette St. Barth.
Rosemark Management has been an active trader of real estate in Palm Beach. In January, it sold a mixed-use building to the owner of the Breakers Palm Beach. In July 2023, it purchased an office/restaurant building on South County Road. CS Ventures also led an office building acquisition on “Bankers Row” in 2022.
