Former Neiman Marcus on Palm Beach’s Swanky Worth Avenue Sells for $78M

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O’Connor Real Estate Advisors sold a retail building on Worth Avenue, one of the nation’s most luxurious shopping streets, for $78 million, property records show. 

The 48,578-square-foot building, at 151 Worth Avenue, sits at the eastern end of the storied street, only a block from the ocean, in Palm Beach, Fla., a wealthy island-town home to billionaires like Stephen Ross, Nelson Peltz and the Estée Lauder heirs.

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Department store Neiman Marcus had been leasing the three-story mall, but vacated the premises in 2020 as it faced financial difficulties due to the pandemic. The property remains empty. 

Despite the vacancy, the building nearly doubled in value since it last sold for $40 million in 2014, per records. The price hike is likely a reflection of Palm Beach’s sizzling residential market thanks to the inflow of Northerners relocating down south.  

As part of the trade, the buyer, Jeffrey Camp, agreed not to poach tenants from O’Connor’s retail complex across the street, The Esplanade, home to Gucci, Saks Fifth Avenue and Starbucks, among others. But Louis Vuitton could be fair game since the luxury retailer is closing its store at The Esplanade later this month, four decades after it opened. 

It’s unclear whether the purchase is tied to a company. Camp could not be reached for comment. A representative for O’Connor did not immediately respond to a request for comment.

Julia Echikson can be reached at Jechikson@commercialobserver.com.