Tiffany building sells for $20 million
Prominent Worth Avenue spot long owned by family entity.
One of Worth Avenue’s most recognizable buildings — home to Tiffany & Co. — has changed hands for $20 million, according to a deed recorded Tuesday.
The price paid for 259 Worth Ave. works out to about $1,221 per square foot.
The buyer is New York City-based Fortress Investment Group LLC, an investment management firm, according to a statement released Wednesday by Franklin Street, the Tampa-based commercial brokerage that handled the sale.
The buyer was not immediately identified in the preliminary information about the sale posted on the Palm Beach County Clerk’s website.
The building was sold by Madden Family Associates Ltd., an entity controlled by a family that has owned the property for several decades, property records show.
The two-story building has 16,374 square feet and stands in the middle of the Avenue at the corner of Hibiscus Avenue, across the street from Chanel.
A building has stood on the corner since at least the 1930s and many years ago housed Cartier jewelers. In the early 1990s, the facade got a cladding of coral Key stone as part of a renovation project designed by Smith Architectural Group.
The building has been marketed for sale since late 2016 by Franklin Street. At that time, The Palm Beach Post reported that the brokerage expected the building might fetch as much as $40 million.
“The original listing price seemed incredibly unrealistic,” said West Palm Beach commercial broker Neil Merin, chairman of NAI Merin Hunter Codman Inc., who was not involved with the sale. “If (the sellers) were intent on selling it, they got the right price.”
Tiffany & Co. has signed a long-term lease at the building, according to a Franklin Street spokesman. Jeff Sabean, general manager at Tiffany’s Worth Avenue store, couldn’t be reached.
Fortress Investment Group is a publicly traded “global investment manager” with about $41.4 billion of assets under management as of June 30, according to the company’s website. The firm was founded in 1998 and manages assets for more than 1,750 institutional clients and private investors, the website says. The