Penthouse Atop Tiffany Building in Palm Beach Sells for $18 Million

The two-story unit first hit the market for $24 million in November

BY E.B. SOLOMONT |  ORIGINALLY PUBLISHED ON APRIL 18, 2023 | THE WALL STREET JOURNAL

A penthouse atop the Tiffany & Co. building in Palm Beach, Fla., has sold for $18 million.

DANIEL PETRONI

An unfinished two-story penthouse in Palm Beach, Fla., has sold for $18 million, according to the listing agents. 

The sellers were real-estate developer Todd Michael Glaser and his business partners. The identity of the buyer couldn’t be determined. 

Located atop the Tiffany & Co. building at the corner of Worth and Hibiscus avenues, the unit went on the market for $24 million in November. More recently, the sellers dropped the price to $19.98 million in order to sell before construction of the interior was set to begin on May 1, Mr. Glaser said. 

Mr. Glaser and his partners purchased the residence for $15.5 million last year, records show. Mr. Glaser said he doesn’t know the identity of the buyer, but estimated the unit will cost $4 million to $5 million to complete.

 The penthouse has more than 9,800 square feet of interior space, and can be configured with up to six bedrooms, according to the listing. There is a private roof deck with a pool, outdoor bar and dining area. 

The penthouse is the only residence in the building, which occupies a prominent spot in the area’s tony shopping corridor. The penthouse was originally developed by John C. Kean, whose Kean Development owned the project in partnership with Fortress Investment Group and Atlanta-based Hyde Retail Partners. They purchased the building for $20 million in 2018. 

The building is located at the corner of Worth and Hibiscus avenues.

Daniel Petroni

In Palm Beach, condo sales fell 54.8% during the fourth quarter of 2022, according to real-estate appraisal firm Miller Samuel, while the median condo sale price rose 31.8% year-over-year.

The listing agents were Chris Leavitt of Douglas Elliman and Jill Eber and Jill Hertzberg of The Jills Zeder Group at Coldwell Banker Realty. Christian J. Angle of Christian Angle Real Estate represented the buyer.