TIF­FANY

Palm Beach Daily News - - TODAY -

Celebri­ties born on this day: Ali­cia Sil­ver­stone, 42; Liev Schreiber, 51; Christoph Waltz, 62; Su­san Saran­don, 72.

Happy birth­day: Put more into home, fam­ily and get­ting ahead. Refuse to let set­backs hold you back. Use your in­ge­nu­ity, strength and courage to bring about changes that will im­prove your life. Share your thoughts and cre­ate a stir about your plans; you will be given the green light to chase your dreams. Your num­bers are 8, 11, 21, 23, 32, 34, 46.

Aries (March 21-April 19): Mix and min­gle. It will do you good to get some­one else’s per­spec­tive on what’s hap­pen­ing. Lis­ten and of­fer an ob­jec­tive point of view to gain the most knowl­edge. ★★★★★

Taurus (April 20-May

20): You’ll be up against some­one who is in­con­sis­tent and who tends to make a moun­tain out of a mole­hill. Ease into con­ver­sa­tions and source out what’s be­hind the com­ments be­ing made. ★★

Gem­ini (May 21-June

20): Stick close to home in or­der to con­trol sit­u­a­tions that have the po­ten­tial to veer out of con­trol. Know what and who you are deal­ing with. ★★★★

Can­cer (June 21-July 22): Take note of what oth­ers are do­ing and con­tribut­ing. Of­fer­ing praise will help de­velop a strong re­la­tion­ship with some­one who can help de­fend you. ★★★

Leo (July 23-Aug. 22): Some­one will cause a fuss or pro­voke you to make one. A steady pace and a pos­i­tive at­ti­tude will help you ward off con­tro­versy that will put a dent in your abil­ity to achieve what you set out to do. ★★★

Virgo (Aug. 23-Sept. 22): Pick up the pace and keep go­ing un­til you reach your des­ti­na­tion. Sur­round your­self with in­ter­est­ing peo­ple who in­spire and mo­ti­vate you. ★★★

Libra (Sept. 23-Oct. 22): Don’t give in to any­one muscling into your af­fairs. The less trans­par­ent you are, the bet­ter the out­come. Stick to what you know, and fin­ish what you start. ★★★★

Scorpio (Oct. 23-Nov.

21): Stay in the back­ground and ob­serve. The way oth­ers carry on will be a sign of the way they will treat you if you let them get to know you. ★★

Sagittarius (Nov. 22-Dec. 21): Take care of per­sonal busi­ness. Get your fi­nances in or­der and any pa­per­work that needs up­dat­ing signed, sealed and de­liv­ered. ★★★★★

Capricorn (Dec. 22Jan. 19): Hold on to your thoughts. Shar­ing with some­one who tends to be a blab­ber­mouth will cost you emo­tion­ally. Look at the big pic­ture and you’ll know what to do to bring about change. ★★★

Aquarius (Jan. 20-Feb. 18): Don’t get an­gry with some­one for tak­ing ad­van­tage of you; get an­gry with your­self for fall­ing for de­vi­ous ways. Pro­tect against those ask­ing for too much or try­ing to tempt you. ★★★

Pisces (Feb. 19-March

20): A closer look at what oth­ers are do­ing will give you an idea how to han­dle a sit­u­a­tion. Turn a neg­a­tive into a pos­i­tive by us­ing some­one or some­thing from your past to ne­go­ti­ate. ★★★

Birth­day baby: You are dy­namic, adapt­able and sen­si­tive. You are smart and trendy. com­pany deals in credit, real es­tate, pri­vate eq­uity and other cap­i­tal in­vest­ments.

A spokesman for Fortress had no im­me­di­ate com­ment about the pur­chase.

Greg Ma­tus, Franklin Street’s se­nior vice pres­i­dent of in­vest­ment sales, han­dled both sides of the Worth Av­enue deal.

”Very few prop­er­ties ever change hands on Worth Av­enue. This was a rare op­por­tu­nity for the in­vestor to ac­quire a premier as­set on one of the most fa­mous re­tail streets in the world,” Ma­tus said in the state­ment re­leased by Franklin Street. “The sellers ben­e­fited from strong mar­ket de­mand and a scarcity of high­end ur­ban street re­tail in South Flor­ida.”

The build­ing will be man­aged by Franklin Street’s Lisa Jes­mer.

In 2011, James M. Mad­den and Daniel S. Mad­den, act­ing as co-trus­tees of the Mad­den Fam­ily Trust, trans­ferred own­er­ship of the build­ing to the en­tity that just sold it, court­house records show. The seller’s gen­eral part­ner is Mad­den Fam­ily En­ter­prises Corp. of West Palm Beach, state busi­ness records show.

Daniel Mad­den is vice pres­i­dent of Mad­den Fam­ily As­so­ci­ates Ltd. and has had ties to a house in the his­toric El Cid neigh­bor­hood of West Palm Beach, ac­cord­ing to busi­ness records. He and James Mad­den couldn’t be reached.

Art gallery mov­ing

Tif­fany & Co. has been sell­ing fine jew­elry in leased space at the build­ing since 1991. Also on the ground floor is M Fine Arts Ga­lerie, which opened in Jan­uary on the north­west corner at 415 Hibiscus Ave.

On the south­east side of the build­ing, a store­front at 255 Worth Ave. was for­merly oc­cu­pied by Mark Borghi Fine Art. Borghi told the Daily News that his lease was up and although he wanted to stay in the space, he couldn’t reach an agree­ment to re­new it with the new own­ers. He plans to re­open his gallery Nov. 1 at 440 S. County Road on the south­west corner of the Av­enue.

Palm Beach ar­chi­tect Jef­fery Smith de­signed the 1991 ren­o­va­tion of the build­ing that just changed hands and took in­spi­ra­tion for the façade from tra­di­tional struc­tures on New York City’s Fifth Av­enue but used ma­te­ri­als ap­pro­pri­ate for Flor­ida, he said. The clock fea­tured promi­nently over the front door is a Tif­fany sig­na­ture, he added.

‘They got a good deal’

Robert Klecin­sky, direc­tor of re­tail for the com­mer­cial bro­ker­age Cush­man & Wake­field in West Palm Beach, was not in­volved in this week’s sale, but like Merin, he said the amount that changed hands made sense in to­day’s mar­ket.

Klecin­sky, who has bro­kered real es­tate leases and sales on the Av­enue for 20 years, said in­vestors eye­ing the build­ing would have crunched the num­bers to en­sure a re­turn on their in­vest­ment based on cur­rent and fu­ture rental in­come.

”They got a great deal,” he said about the uniden­ti­fied buyer. “At the price they bought it for, they’ll do very well. Even if Tif­fany’s left, they’d still be in good shape.”

Although Tif­fany leases space on the first and sec­ond floors of the build­ing, the up­per level also could be leased sep­a­rately if the need arose, he said.

‘A sense of grandeur’

Among the fac­tors in­flu­enc­ing the price paid in any real es­tate deal on the Av­enue, Klecin­sky added, are the beauty and his­tory of the street as well as the high-qual­ity mer­chan­dise and per­son­al­ized ser­vice cus­tomers ex­pect to find there. The Av­enue is at­tract­ing a younger, more in­ter­na­tional crowd with plenty of money to spend, he added, and that bodes well for the fu­ture. Pres­i­dent Don­ald Trump’s sea­sonal pres­ence in town also has in­creased Palm Beach’s ex­po­sure world­wide.

“Worth Av­enue is still one of the most prominent streets in the world. It’s an at­mos­phere that you just don’t find in a shop­ping mall,” Klecin­sky said. “It’s the ex­pe­ri­ence. It’s a sense of grandeur. It’s a sense of style.”

Even so, shop­pers may have no­ticed va­cant store­fronts over the past few weeks, even as the Av­enue’s busi­nesses pre­pare for the new sea­son.

Merin said the Av­enue has not ex­pe­ri­enced an over­heated real es­tate mar­ket, which might have driven up the sales price for the build­ing that just sold.

He also men­tioned that the suc­cess­ful re­vamp of the Royal Poin­ciana Plaza across town may be ex­ert­ing com­pet­i­tive pres­sure “that the Av­enue didn’t have for many years.”

In any event, Merin said, the street and its prop­er­ties con­tinue to “have a steady value. It’s a lim­ited (real es­tate) mar­ket — there’s only so much of it.”

And of­fi­cials of stores with sig­nage em­bla­zoned on prominent Worth Av­enue build­ings — in­clud­ing Tif­fany & Co. — know that “the build­ings are effective ad­ver­tise­ments for the brand.”

Other Av­enue deals

The Av­enue has seen sig­nif­i­cant prop­erty sales over the past few years, most no­tably in Jan­uary 2014. That’s when the Good­man Co. si­mul­ta­ne­ously sold the Neiman-Mar­cus build­ing for $106 mil­lion and The Es­planade, then known as 150 Worth, for a grand to­tal of $146 mil­lion or about $2,000 per square foot. Both prop­er­ties were bought by the O’Con­nor fam­ily’s New York-based O’Con­nor Cap­i­tal Part­ners.

More re­cently, Fris­bie Group paid $30.7 mil­lion in Oc­to­ber for the of­fice-and-re­tail build­ing at 125 Worth Ave., ad­ja­cent to the Neiman-Mar­cus build­ing. The pur­chase price means Fris­bie Group paid about $614 per square foot, lower than sev­eral re­cent real es­tate sales on the Av­enue. The real es­tate in­vest­ment com­pany bought the three-story, 50,017-square-foot build­ing from Boca Ra­ton-based Crocker Part­ners, which also man­aged the build­ing.

In Septem­ber 2013, land­lord Burt Han­dels­man, who has ex­ten­sive real es­tate hold­ings on the Av­enue and South County Road, paid a recorded $28.1 mil­lion — or about $2,810 per square foot — for a 10,000-square-foot re­tail prop­erty at 225 Worth Ave. The seller was P/A Flor­ida As­so­ci­ates, a New York City-based part­ner­ship.

The Av­enue also saw a head­line-grab­bing sale last year. In late March, Via Bice sold for $19.5 mil­lion, or a lit­tle more than $1,000 per square foot. The buyer was a lim­ited part­ner­ship af­fil­i­ated with the Amir­saleh Fam­ily Trust, which also owns the ma­jor­ity of prop­erty in the Via Mizner. The via was sold by an en­tity af­fil­i­ated with Tri­cony Man­age­ment.

Meghan Mc­Carthy / Daily News

The build­ing at 259 Worth Ave., home to Tif­fany & Co. since 1991, has been sold for $20 mil­lion.

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