$30 Million Deal. Versace Store’s Worth Avenue Building Sold

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In a big move on Palm Beach's iconic Worth Avenue, a prime retail building has just changed hands for a whopping $30.26 million. This notable transaction is making waves in the world of luxury real estate, and it’s easy to see why!

The building in question, located at 243 Worth Ave., covers 9,536 square feet and was sold by 237-243 Worth Avenue LP, a group linked to Greenstone Realty Advisors, based out of Middleburg, Virginia. The new owner is CSPB Worth LLC, a part of CS Ventures, which is a collaboration between Charles Rosenberg of Rosemark Management and Spencer Schlager. To make this deal happen, they received a $14 million mortgage from Texas-based Vista Bank. It’s a pretty big deal, and data firm Vizzda has confirmed all the details about the buyer and seller.

A Massive Increase in Value

Here's where it gets even more interesting: the price per square foot came out to about $3,173. Now, compare that to what it last sold for back in 1997 – a modest $7.1 million. That’s a huge jump and speaks volumes about how the value of real estate has surged in Palm Beach, one of the most affluent cities in the country.

A Piece of History

The building, which sits on a 0.29-acre site, has quite a bit of history, dating all the way back to 1925. It's not just the building itself that's impressive; the tenants are just as high-profile. We’re talking about brands like Versace, Valentina Kova, and Poupette St. Barth – some of the hottest names in luxury retail.

Rosemark Management’s Recent Moves

If Rosemark Management sounds familiar, that’s because they’ve been making headlines in the Palm Beach real estate scene lately. Back in January, they sold a mixed-use building to the owner of the famous Breakers Palm Beach. Then, in July 2023, they scooped up an office/restaurant building on South County Road. Not to mention, CS Ventures, the joint venture behind this recent acquisition, also led the purchase of an office building on “Bankers Row” in 2022.

It looks like Rosemark Management and CS Ventures are really solidifying their presence in Palm Beach, and this latest acquisition only adds to their impressive portfolio. It’s clear that the retail market here is hotter than ever, and with transactions like this, it doesn’t look like it’s slowing down anytime soon!