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